Nene steps down, Mboweni takes over


The fallout from having any links with the controversial Gupta family claims its latest scalp, as Finance Minister Nhlanhla Nene hands in his resignation.

President Cyril Ramaphosa on Tuesday confirmed that the former finance minister had handed in his resignation and after much consideration, he decided to accept it.

Nene’s resignation comes in the wake of testimony he gave at the state capture inquiry last week, where he admitted to attending meetings with the family at their home and business, which contradicted an earlier statement made to eNCA that he had only bumped into them at public gatherings.

President Ramaphosa, after considering the implications of the former minister’s testimony, accepted his letter of resignation in the interests of good governance.

He, however, stressed that the ex-Finance Minister has not been implicated in any acts of wrongdoing.

There was much speculation around who would replace Nene, and on Tuesday afternoon former Governor of the South African Reserve Bank, Tito Mboweni, was sworn in at the president’s Cape Town office, Tuynhuys.

The president said that the newly sworn-in Finance Minister brings much experience to the role, as he has already served in various positions including former Governor of the Reserve Bank and Minister of Labour.

The president says the new Minister brings a wealth of experience to the role, in the areas of finance, economic policies as well as in governance.