Former Governor of the Reserve Bank of South Africa Tito Mboweni speaks during the Malaysia's Central Bank - High Level Conference 2009 in Kuala Lumpur February 11, 2009. REUTERS/Bazuki Muhammad

Home » South Africa Has A New Finance Minister – Tito Mboweni – as Nene Bows Out

South Africa Has A New Finance Minister – Tito Mboweni – as Nene Bows Out

South African President Cyril Ramaphosa has appointed former Governor of the Reserve Bank Tito Mboweni as Finance Minister on Tuesday, replacing Nhlanhla Nene. Ramaphosa made the announcement at Tuynhuis this afternoon, after accepting Nene’s letter of resignation. Quick action was required on the fate of Nene after the Rand suffered its worst fall in six […]

By SAPeople
09-10-18 17:14
in Business
Former Governor of the Reserve Bank of South Africa Tito Mboweni speaks during the Malaysia's Central Bank - High Level Conference 2009 in Kuala Lumpur February 11, 2009. REUTERS/Bazuki Muhammad

South African President Cyril Ramaphosa has appointed former Governor of the Reserve Bank Tito Mboweni as Finance Minister on Tuesday, replacing Nhlanhla Nene.

Former Governor of the Reserve Bank of South Africa Tito Mboweni speaks during the Malaysia’s Central Bank – High Level Conference 2009 in Kuala Lumpur February 11, 2009. REUTERS/Bazuki Muhammad

Ramaphosa made the announcement at Tuynhuis this afternoon, after accepting Nene’s letter of resignation.

Quick action was required on the fate of Nene after the Rand suffered its worst fall in six months.

Nene was facing calls to resign after he admitted to visiting the Gupta brothers – friends of scandal-plagued former leader Jacob Zuma – who have been accused of corruption. Nene had failed to disclose the meetings earlier.

Ramaphosa said he received Nene’s resignation this morning, which was in the interests of the nation. He praised Nene for serving the country with “diligence” and through some difficult times.

He said: “I wish to thank Mr Nene for his tireless service to the country, and wish Mr Mboweni well in his new role.”

With regards to the State Capture Inquiry, the President also urged “any person who may have knowledge of any of the matters within the Commission’s mandate to provide that information to the Commission, to do so honestly and to do so fully.”