OVERVIEW: Mboweni is in, Nene is out - 5 things you need to know

2018-10-09 16:18

President Cyril Ramaphosa has appointed Tito Mboweni to the post of finance minister after accepting Nhlanhla Nene’s resignation. Get all the news, views and analyses here.

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Last Updated at 10:19
09 Oct 20:45

1) Nhlanhla Nene submitted a letter of resignation on Tuesday morning.

2) Tito Mboweni is appointed as the new Minister of Finance and sworn in immediately.

3) The rand was changing hands at R14.76 to the greenback after Ramaphosa's decision was made.

4) Business leaders hail Mboweni's appointment as 'among finest in recent memory'.

5) The EFF, which as been most vocal for Nene to step down, calls for more minsters to follow suit.


09 Oct 20:45

Ramaphosa offsets EFF political victory with Mboweni appointment

From having to make the tough decision to let go of an ally and key advisor in his Cabinet, to securing a political victory by appointing a widely respected replacement, it's no wonder President Cyril Ramaphosa was in a jovial mood after his announcement on Tuesday that Nhlanhla Nene had indeed, resigned as Minister of Finance.


09 Oct 20:35

As Nene falls on his sword, Mboweni makes a comeback

As Nhlanhla Nene became the first victim of the state capture probe, an old hand in the economic cluster - Tito Mboweni - was appointed as his successor as finance minister. With a serious expression, President Cyril Ramaphosa on Tuesday afternoon in Tuynhuys said he received a letter from Nene, in which he asked to be relieved of his duties.


09 Oct 20:26

WATCH: Mboweni faces double challenge as SA's 5th finance chief in 3 years

SA's fifth finance chief in less than three years will have to oversee an economy that’s fallen into recession and help President Cyril Ramaphosa rebuild confidence battered by mismanagement under former President Jacob Zuma.


09 Oct 19:06

The South African Communist Party welcomes the resignation of Nhlanhla Nene as the Minister of Finance, and the swift response with which President Cyril Ramaphosa considered it positively.  

Nene correctly refused to hand over our country to the highest bidder when he consistently refused to sign the nuclear deal that our country could not afford.

This principled steadfastness and his voluntary appearance at the Commission of Inquiry into State Capture as the first sitting Cabinet Minister deserve recognition.

As he has himself openly acknowledged, it would have however been more appropriate to disclose all the meetings that he held with the Guptas from the onset.

That is, long before the Commission was established – in the course of the struggle against corporate-capture of the state.

Nene took responsibility for the weaknesses that he identified by resigning.

This is an important source of reference going forward.   

The SACP congratulates Tito Mboweni, former Governor of the South African Reserve Bank for his appointment as South Africa’s new Minister of Finance.

The National Treasury must attach great importance to prudential management of our country’s resources and to selflessly serving our people, the majority of whom is the working class, employed and unemployed.  

The SACP will continue pushing the working class struggle against corporate-capture of the state and for complete social emancipation.   


09 Oct 18:27

President Cyril Ramaphosa's appointment of Tito Mboweni, a former minister of labour and governor of the Reserve Bank, will have some repercussions in government and politics.

Pieter du Toit considers the effect of Tuesday's announcement.


09 Oct 18:27

The ANC has praised the decision by Ramaphosa to accept Nene’s resignation, calling it bold and timely.

The party’s full statement follows:

The African National Congress welcomes the firm decision taken by the President of the Republic, Cyril Ramaphosa, accepting the resignation of Nhlanhla Nene as Finance Minister. 

The decision by the President is bold and timely. The ANC further commends comrade Nene for the commitment he has shown to the well-being of the country.  

The African National Congress therefore warmly congratulates Comrade Tito Mboweni on his appointment as the new Minister of Finance, signalling the return to government of a highly accomplished leader and executive as well as renowned stalwart of our liberation movement.  

Comrade Mboweni is a former Labour Minister, former Governor of the SA Reserve Bank and currently serves as a member of the National Executive Committee of the ANC. 


09 Oct 18:05

The IFP says that the appointment of Mboweni as finance minister comes at a time when the economy needs “capable, able and stable leadership”.  

The IFP welcomes President Cyril Ramaphosa's appointment of former Reserve Bank Governor Tito Mboweni to Finance Minister this afternoon.  

This comes at a time when our economy more than ever needs capable, able and stable leadership.

We wish Minister Mboweni well as he journeys through the mammoth task of steering our economy in the right direction.  

We note that this is the 5th Minister in three years and is indicative of an ANC floundering in terms of providing stable governance and leadership.  

We eagerly await market reaction to this announcement and hope that it does not affect our credit rating pronouncement later this week.  

Minister Nene did the honourable thing by resigning as he breached his oath of office.

As the state capture inquiry continues, we certainly hope that more ministers within the president’s Cabinet will submit themselves before the inquiry if they have met with Gupta family and how their meetings may have had an effect on government policy, plans or spending.  

Furthermore, it is unfortunate that the president did not take this opportunity to fire Minister Bathabile Dlamini and Minister Malusi Gigaba.   We await an announcement on the abovementioned ministers in due course.


09 Oct 17:59

COPE reacts to Mboweni’s appointment by Ramaphosa as “weak and not capable of cleansing the executive of this country with politically clean and economically capable men and women of this nation.”

Read COPE’s full statement here:  

With a population of 54 million people, South Africa has more men and women who can manage the economy of this country, there’s no need to recycle old wood as if we are running short of population. 

But President Ramaphosa is clearly weak and not capable of cleansing the executive of this country with politically clean and economically capable men and women of this nation.  

As a nation we face an unprecedented crisis – constitutionally, economically, socially and governmentally – all of which is rooted in a political crisis of corrupted leadership, bad governance and poor policy choices.  

The common denominator herein is the ANC.  

Capture of the State was preceded by the capture and corruption of the ANC as an organisation in the first instance.  

The eventual removal of Zuma from the Presidency has not alleviated the morass that we find ourselves in.  

In fact, his removal like that of a receding tsunami, has merely laid bare the true extent of the damage done to our current and future prospects.  

What is becoming more apparent is that the ANC lost its morality and is now corrupted beyond redemption – and has lost its moral legitimacy to govern.  

Ramaphosa’s cabinet is littered with compromised and clearly corrupted Ministers.  

It is clear that the President is compromised and restricted by the factional battle to the death within the ANC.  

And it is clear that attempts to save the unity of the ANC come at the expense of our current and future prospects as a nation.  

Even those thought to have integrity and to hold the moral high ground, like Nene, are shown up to be compromised.  

In the circumstances we welcome the resignation of Nene as Minister of Finance, but question the retention of known State Capture operatives.  

It is unconscionable that South Africa has had 5 Ministers of Finance over the past 5 years.  

COPE has no confidence in the composition of Ramaphosa’s cabinet.  

We will approach other opposition parties with a view to initiating a motion of no confidence in the President’s cabinet in terms of section 102(1) of the Constitution.


09 Oct 17:54

The DA has congratulated the former Governor of the South African Reserve Bank, Tito Mboweni, who has been plucked from political obscurity and appointed as the new Finance Minister in South Africa.

“With his experience, the new Finance Minister will have the advantage of being able to hit the ground running and is, at least, known to market participants, ratings agencies and international financial institutions, who closely follow events in South Africa.

“However, we are concerned that during the years that he was out in the political cold, he often came over on social media, at least, as a little looney posting content that seemed to be at odds with government policy like this.  

“We hope that the minister will clarify his view in the run up to the Medium-Term Budget Policy Statement which is scheduled to take place in two weeks time in Parliament,” the party said in a statement.


09 Oct 17:44
The immediate reaction from organised business to President Cyril Ramaphosa’s appointment of Tito Mboweni as South Africa’s new minister of finance on Tuesday afternoon was overwhelmingly positive.

09 Oct 17:24

Read the full statement by the EFF here:

The EFF welcomes the decision by Ramaphosa to remove Nhlanhla Nene from the position of Minister of Finance following his unethical conduct of lying and misleading the public about his relations with the Gupta criminal syndicate.

Ramaphosa must apply the same consistency with other ministers who continue to serve in his cabinet like Malusi Gigaba, Nomvula Mokonyane, and Bathabile Dlamini.

These ministers have demonstrated the same disregard of ethical conduct shown by Nene, and like Nene they too have undermined parliament’s accountability mechanisms.

Their continued stay in cabinet sends a message that Ramaphosa is inconsistent and fails to put the interest of South Africans above those of ANC’s big shots.

We note the appointment of Tito Mboweni as Minister of Finance and impress upon him to prioritize the interests of the people of South Africa, in particular the poor black South Africans who suffer poverty, unemployment and hunger.

Highest standards of integrity and ethical conduct must inform anyone who wants to lead South Africa, particularly presiding over the finances of the republic.

South Africa must never compromise of this principle, particularly because our state institutions are infested with corruption.

Anyone found wanting must be dealt with decisively to draw a solid line against corruption once and for all.


09 Oct 17:22

The party further calls on Ramaphosa to apply the same consistency with other ministers like Malusi Gigaba, Nomvula Mokonyane, and Bathabile Dlamini who continue to serve in his cabinet.

“These ministers have demonstrated the same disregard of ethical conduct shown by Nene, and like Nene they too have undermined parliament’s accountability mechanisms. Their continued stay in cabinet sends a message that Ramaphosa is inconsistent and fails to put the interest of South Africans above those of ANC’s big shots,” it said in a statement.


09 Oct 17:21

The EFF, who has been calling for Nene’s firing, has since welcomed the decision by Ramaphosa to remove Nene from the position of minister of finance following his “unethical conduct of lying and misleading the public about his relations with the Gupta criminal syndicate”.


09 Oct 17:16

Mboweni, the nation’s fifth finance chief in less than three years, will have to oversee an economy that’s fallen into recession and help Ramaphosa rebuild confidence battered by almost nine years of mismanagement under former President Jacob Zuma.

He must also reassure investors and credit-rating companies of credible plans to stabilise debt and revive growth in the mid-term budget on October 24.


09 Oct 17:12

RECAP - President Cyril Ramaphosa’s full statement on the resignation of Nhlanhla Nene and appointment of Tito Mboweni as finance minister:

Fellow South Africans,

Over the course of the last few days there has been much discussion among South Africans on matters that arose in the course of the testimony of Minister Nhlanhla Nene at the Commission of Inquiry into State Capture.

As a consequence of these developments, Minister Nene submitted a letter of resignation this morning in which he requested that I relieve him of the position of the Minister of Finance.

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.


09 Oct 17:12

During his tenure as Minister of Finance, Mr Nene served the people and government of South Africa with diligence and ability.

Under difficult circumstances and often under great pressure, he consistently defended the cause of proper financial management and clean governance.It is a measure of his character and his commitment to the national interest that he has taken this decision to resign in the wake of errors of judgment, even though he has not been implicated in acts of wrongdoing.

I wish to take this opportunity to thank him for his service to the nation.

In the wake of Mr Nene’s resignation, I have decided to appoint Mr Tito Mboweni as Minister of Finance with immediate effect.


09 Oct 17:11

As former governor of the South African Reserve Bank and, before that, as Minister of Labour, Mr Mboweni brings to this position vast experience in the areas of finance, economic policy and governance.

Mr Mboweni takes on this responsibility at a critical moment for our economy, as we intensify cooperation among all social partners to increase investment, accelerate growth and create jobs on a substantial scale.

This moment calls for strong, capable and steady leadership that will unlock new opportunities as we grow and transform our economy.I am confident that Mr Mboweni will provide that leadership.


09 Oct 17:10

Allow me to conclude with a few remarks about the Commission of Inquiry into State Capture.

It is critical that the Commission has the means and opportunity to effectively fulfil its mandate.

In this process, no person should be above scrutiny, and all relevant and credible accusations of wrongdoing should be thoroughly investigated.

It is incumbent upon any person who may have knowledge of any of the matters within the Commission’s mandate to provide that information to the Commission, to do so honestly and to do so fully.


09 Oct 17:10

For the country to move forward, we need to establish the full extent of state capture, identify those responsible for facilitating it, and take decisive steps to prevent it happening again.

Throughout this process, we need to be guided by the values and principles of our Constitution, mindful of the importance of due process, committed to good governance, and determined that, with the support of all South Africans, the Commission of Inquiry will succeed in fulfilling its critical mandate.

Once more, I wish to thank Mr Nene for his tireless service to the country, and wish Mr Mboweni well in his new role.

I thank you.


09 Oct 17:02

09 Oct 16:59
The rand was trading below the R15/$ mark on the announcement that Tito Mboweni would succeed Nhlanhla Nene as finance minister.

09 Oct 16:58
President Cyril Ramaphosa has announced that he accepted Finance Minister Nhlanhla Nene's resignation.

09 Oct 16:58

09 Oct 16:56

09 Oct 16:53

09 Oct 16:53

09 Oct 16:50
Tito Mboweni is being sworn in as the new finance minister.

09 Oct 16:48

Must be guided by values and principals of Constitution throughout the commission, Ramaphosa says.

Ramaphosa thanks Nene for his tireless service to the people of the country and wishes Tito Mboweni well in his new role.


09 Oct 16:46

09 Oct 16:46
On state capture no person should be above scrutiny and the law, says Ramaphosa.

09 Oct 16:45

09 Oct 16:45

09 Oct 16:44
Nene’s commitment and character has taken decision to resign in the wake of errors in judgementsays Ramaphosa.

09 Oct 16:40

09 Oct 16:35
The rand was trading 0.17% stronger at R14.83 ahead of President Cyril Ramaphosa's announcement on Finance Minister Nhlanhla Nene's fate.

09 Oct 16:35

09 Oct 16:33

09 Oct 16:22
President Cyril Ramaphosa is considering Tito Mboweni, a former central bank governor, for the post of finance minister as pressure grows on him to oust Nhlanhla Nene, two people familiar with the situation said.

09 Oct 16:19

09 Oct 16:19
President Cyril Ramaphosa is concerned about the uncertainty being created in the financial markets around the fate of Finance Minister Nhlanhla Nene, his spokesperson said on Tuesday.

09 Oct 16:19
Finance Minister Nhlanhla Nene will be investigated by the Public Protector for allegedly breaching the executive code of ethics relating to an investment by the Public Investment Corporation (PIC) in a company that may have benefitted his son.

09 Oct 16:19
Since the last general election in 2014: Nene (2014-15), Gordhan (2015-17), Gigaba (2017-18), Nene (2018). This will be our fifth finance minister in five years.

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