Phakama Tito as... Nene falls off his chair
Minister to hit the ground running
“Get ready for your first cabinet meeting tomorrow!”
This is how President Cyril Ramaphosa welcomed his new finance minister to his position after Tito Mboweni took oath of office yesterday.
Mboweni became the sixth finance minister in the last five years after Nhlanhla Nene resigned from the position yesterday morning following a controversy over his apology for multiple meetings with the Gupta family at their private home in Saxonwold.
Nene made the apology after detailing his meetings with the Guptas at the state capture commission of inquiry last week, which until then had remained secret.
Nene also came under pressure to step down after it emerged that his son may have derived financial benefit from the Public Investment Corporation at a time when he was deputy finance minister.
The public protector is now investigating him for possible breach of the Executives Ethics Act following a complaint from the DA.
Sowetan understands that the president also considered appointing former deputy finance minister Mcebisi Jonas and Reserve Bank governor Lesetja Kganyago.
Mboweni has previously served as minister of labour under late president Nelson Mandela between 1994 and 1999 before spending 10 years as the governor of the Reserve Bank between 1999 and 2009.
Mboweni’s immediate big task is the delivery of the medium-term budget policy statement in the next two weeks amid a gloomy economic outlook.
He has also served as adviser of Goldman Sachs International and on the board of Anglo Gold Ashanti, among other positions in the private sector.
Ramaphosa said Nene wrote to him requesting to step down and the president had accepted the resignation.
“He has indicated that there is risk that the developments around his testimony will detract from the important task of serving the people of South Africa, particularly as we work to re-establish public trust in government.
“After due consideration of the evidence presented by Minister Nene at the commission, and in the interests of good governance, I have decided to accept his resignation,” said Ramaphosa.
He said Mboweni came in at a time when “strong and capable” leadership was required to rescue the ailing economy.
“This moment calls for strong, capable and steady leadership that will unlock new opportunities as we grow and transform our economy. I am confident Mr Mboweni will provide that leadership.”
Ramaphosa also said nobody was above the scrutiny of the state capture commission.
■ See the president’s full statement on page 17