Published: Wed, October 10, 2018
Global Media | By Derrick Guzman

Ramaphosa appoints new finance minister

Ramaphosa appoints new finance minister

Ramaphosa accepted his resignation and thanked Nene for his time in office.

According to Bianca Botes of Peregrine Treasury Solutions, rumours of the finance minister's exit are casting a shadow over National Treasury and the currency.

Ramaphosa said Mboweni, the former Governor of the Reserve Bank, brings in much-needed leadership.

South African Finance Minister Nhlanhla Nene resigned Tuesday over undisclosed meetings with a business family at the heart of a corruption scandal, dealing a blow to President Cyril Ramaphosa.

The Gupta family, who are Indian expatriates, are accused of working with former President Jacob Zuma.


Both Zuma and the Guptas have denied any wrongdoing.

Last week, Mr Nene told a judge-led inquiry into the alleged influence of the Guptas, known as the Zondo commission, about meetings that he had previously denied.

"I am human too, I do make mistakes, including those of poor judgement", Nene said.

"It is a measure of his character and his commitment to the national interest that he has taken this decision to resign in the wake of errors of judgment‚ even though he has not been implicated in acts of wrongdoing".

The ANC forced Zuma to quit as president in February after nearly nine years in office, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over.


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.

The alleged breach relates to allegations surrounding a Public Investment Corporation investment in S&S Refinarias‚ reportedly including a $1.7-million "referral fee"‚ which may have benefited the minister's son‚ Siyabonga Nene.

She said there had been ongoing engagements between the two and that Nene had briefed him on the details around his testimony. They fled the country after Mr. Zuma's resignation in February and now live in Dubai.

"We are concerned that during the years that he was out in the political cold, he often came over on social media, at least, as a little looney posting content that seemed to be at odds with government policy", Maynier said, with an attached picture of Mboweni advocating for 40% ownership of mining companies by the state.


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