Mboweni claims he was fired from Brics bank board


Former SA Reserve Bank governor Tito Mboweni says he has been fired as a non-executive director of the Brics (Brazil, Russia, India, China and South Africa) New Development Bank.

The former Reserve Bank governor posted to Facebook on Wednesday saying that he had been "removed".

"I was ‘removed’ by the South African government as a non-executive director of the Brics Bank last week. They have their own logic and reasons for doing that.

"I served for two years and at the time of my appointment, I was told, via a letter from Minister Nhlanhla Nene, that the term was a renewable one. But alas, this has not been the case.

"Fired, you might say! It's OK. They are the government of the day after-all. They can do as they wish," the post read.

He has been replaced by National Treasury director-general Dondo Mogajane.

Treasury explained that Mboweni's two-year term ended on July 2, and that despite his willingness to be re-elected, they had decided to follow the method used  by the other member countries and elect an official from within Treasury.

"The other members of the bank (Brazil, Russia, India and China) select officials from their country’s Treasury to be non-executive directors, which is why Dondo Mogajane was appointed to the role," a Treasury spokesperson explained.

Mbowei did add a comment to his post, saying that "the government does not need to ‘supply’ reasons! They can decide based on their strategic plans. They don't owe me or anybody an explanation."

What is interesting to note is that when President Zuma infamously removed Nene as Finance Minister in 2015, the reason given was that the Treasury leadership was "occasioned by the need to send nominations to Shanghai, of the head of the African Regional Centre of the New Development Bank/Brics Bank, to be based in Johannesburg."

It has been more than a year-and-a-half later, and Nene is still to be appointed to the post.