Ramaphosa appoints new finance minister

Lesetja Kganyago

Lesetja Kganyago

Khusela Diko, the president's spokeswoman, said the two men have discussed the matter.

"Through his long tenure as Reserve Bank governor, Mboweni presided over a period of relatively consistent and stable monetary policy and I think the markets would be relatively confident with him at the helm of the South African Treasury".

This, as EFF leader Julius Malema challenged the president on Monday to accept Nene's resignation.

The visits occurred when he was deputy finance minister and also finance minister before Zuma fired him from that post in December 2015, Nene testified.

The rand reacted positively at 0.79 percent stronger at R14.72 to the dollar on Tuesday, soon after the announcement of Nene's resignation and Mboweni's appointment after it briefly breached R15 to the dollar earlier in the day.

"What the president has noted is the testimony that he submitted to the [commission]".

The Guptas are accused of having undue influence over former President Jacob Zuma and his executive as well as state-owned enterprises.

Several ministers and government officials have been implicated in the graft scandals around the Guptas.

One common theme that has emerged is visits to the family's sprawling Johannesburg property, which is why there has been public anger regarding Nene's revelations.

Jonas told a judicial panel last month that Ajay Gupta offered him the post of finance minister and a R600 million ($40.3 million) bribe in exchange for business concessions.

Nene has also been praised by commentators for standing up to Zuma.

Ramaphosa has vowed to crack down on corruption as he tries to revive the economy and boost declining support for the ruling ANC party ahead of elections next year.

"Public servants at all spheres and levels of government will have no obligation to responsibly manage state fiscal resources under a compromised minister of finance". Five months after refusing to sign a letter of guarantee that would have given the project to Russia's state-controlled nuclear energy company, Mr. Nene was sacked from Mr. Zuma's cabinet and was briefly replaced by a pro-Gupta minister.

"The Medium-Term Budget Policy Statement (MTBPS)‚ which is supposed to be a statement to build confidence amongst all important economic role players‚ cannot‚ and should not‚ be delivered by a minister who was part of the Gupta criminal syndicate".

But Nene's opponents say he was involved in corrupt deals with the Guptas when he was deputy finance minister and head of the state pension fund.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.