Mboweni takes over from Nene
President Cyril Ramaphosa has announced that former central bank governor, Tito Mboweni will replace Finance Minister Nhlanhla Nene.
Ramaphosa made the announcement in Cape Town earlier this afternoon.
Earlier Bloomberg reported that Mboweni was the frontrunner for the post, two people familiar with the situation said.
Nene last week told an anti-graft commission that he met members of the Gupta family, who have been implicated in a corruption scandal with former president Jacob Zuma, six times at their residence after earlier saying he had only met them on social occasions. The people declined to be identified because the information has not been made public.
Nene’s departure is unlikely to signal a change in policy with the mid-term budget due to be released in just two weeks. The new minister would be the fifth in less than three years and comes at time when the government must reassure investors and credit-rating companies of credible plans to stabilise debt and reignite the economy.
Ramaphosa made the official announcement at 16:30 in Cape Town.
FIN24
Ramaphosa made the announcement in Cape Town earlier this afternoon.
Earlier Bloomberg reported that Mboweni was the frontrunner for the post, two people familiar with the situation said.
Nene last week told an anti-graft commission that he met members of the Gupta family, who have been implicated in a corruption scandal with former president Jacob Zuma, six times at their residence after earlier saying he had only met them on social occasions. The people declined to be identified because the information has not been made public.
Nene’s departure is unlikely to signal a change in policy with the mid-term budget due to be released in just two weeks. The new minister would be the fifth in less than three years and comes at time when the government must reassure investors and credit-rating companies of credible plans to stabilise debt and reignite the economy.
Ramaphosa made the official announcement at 16:30 in Cape Town.
FIN24
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