Tito Mboweni appointed new finance minister after Nhlanhla Nene’s abrupt resignation

Tito Mboweni appointed new finance minister after Nhlanhla Nene’s abrupt resignation

The news that Nene is continuing with his duties is likely to anger opposition supporters including the Economic Freedom Freedom Fighters (EFF), whose leader, Julius Malema on Monday asked Ramaphosa to sack Nene.

"As a former governor of the Reserve Bank and before that, as Minister of Labour, Mr Mboweni brings with him vast experience in areas of finance, economic policy and governance".

Nene has always been perceived as an adversary to state capture, and as one of the few who stood his ground against former president Jacob Zuma.

Speaking on Tuesday afternoon at Tuynhuys, Ramaphosa said Mboweni would provide the strong leadership needed at this time.

His shock removal - in a late night statement by the Presidency - sent the rand into freefall, led to outrage against Zuma, and was among the first inklings that something was drastically amiss under Zuma's administration.

He added that Nene feared his testimony to the inquiry "detracted from the important task of serving the people of South Africa particularly as we work to re-establish public trust in government".


"I was wrong in meeting the Guptas at their residence and not in my office or at least a public place", his public apology letter read.

Business Day cited unidentified government sources as saying that Nene made the request to Ramaphosa at the weekend. "I deeply regret these lapses and beg your forgiveness".

Mboweni replaced Nhlanhla Nene‚ who resigned earlier following disclosures that he had had more extensive meetings with members of the Gupta family than had previously been indicated. He is urging those ministers and other senior officials to follow Mr. Nene's example by volunteering to give testimony at the national inquiry into corruption so that their conduct can be reviewed.

"I have made a decision to accept his resignation", Ramaphosa told journalists in Cape Town.

Chawasema said the rand already started to firm ahead of the announcement‚ on rumours that Mboweni would be offered the job.

Mboweni, who went into exile during apartheid, trained as an economist and served for four years as labor minister in former President Nelson Mandela's cabinet after apartheid ended in 1994.

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