The sky will not fall under new Finance Minister Malusi Gigaba, in spite of scare-mongers, the African National Congress Youth League (ANCYL) said on Friday.

"The ANC Youth League is excited, happy, overjoyed and jubilant at the announcement by President Jacob Zuma on the Cabinet reshuffle," secretary general Njabulo Nzuza said.

He congratulated Pravin Gordhan's replacement as finance minister, Malusi Gigaba, a former youth league president.

"We are confident that with him at the helm, the sky is not going to fall, as we were made to believe by some commentators and scare-mongers."

The ANCYL was responding to President Jacob Zuma's reshuffling of his Cabinet, in which he axed Gordhan and his deputy Mcebisi Jonas.

The league had accused Gordhan and the finance ministry of protecting white-owned monopoly capitalism.

"We have consistently said, and maintain, the belief that no one is above the ANC, and no one is irreplaceable. The Constitution grants the president, and the president alone, the powers to appoint the Cabinet," Nzuza said.

Their confidence in Zuma's leadership had been restored, he said.

"While we may not always fully agree with what often seems to be his over-consultations, which are often betrayed through media briefings, and his willingness to compromise, we appreciate his attempt to achieve unity within the movement."