Cape Town - Nhlanhla Nene, the former deputy finance minister, has been promoted to replacing Pravin Gordhan as Finance Minister, President Jacob Zuma announced on Sunday.
Gordhan is now responsible for the local government ministry.
Zuma said at his inauguration on Saturday that economic transformation will take centre-stage as the new government put the economy on an inclusive growth path.
"As the National Development Plan outlines, the structure of the economy will be transformed through industrialisation, broad-based black economic empowerment and through strengthening and expanding the role of the state in the economy.
"State owned enterprises and development finance institutions will become engines of development, complementing the State in promoting inclusive economic growth.
"We have made some progress in changing the ownership and control of the economy, but much more work must still be done," Zuma said
In this regard, he said the government will improve the implementation of the employment equity and black economic empowerment laws during this term.
"Land restitution and redistribution and other forms of empowerment will also be better executed in the new term of government," he said.
Zuma said the government's economic transformation programme also reaffirms the country's commitment to promoting local companies, entrepreneurs and cooperatives through local procurement by the state and its agencies.