Zuma removes Nene as finance minister

Finance Minister Nhlanhla Nene. (Leanne Stander, Netwerk24)
Finance Minister Nhlanhla Nene. (Leanne Stander, Netwerk24)

Cape Town – President Jacob Zuma on Wednesday announced the removal of Finance Minister Nhlanhla Nene from the Finance portfolio in Cabinet.

“I have decided to remove Mr Nhlanhla Nene as Minister of Finance, ahead of his deployment to another strategic position,” Zuma said in a statement.

Zuma said that Nene had done well since his appointment as Minister of Finance during a difficult economic climate.  

Zuma has appointed ANC member of parliament, David Van Rooyen, as the new Minister of Finance.

Van Rooyen served as the Whip of the Standing Committee on Finance and as Whip of the Economic Transformation Cluster.

He was also a former executive mayor of Merafong Municipality and a former North West provincial chairperson of the South African Local Government Association. 

"The new deployment of Mr Nene will be announced in due course," Zuma said.


ZAR/USD
16.83
(-0.28)
ZAR/GBP
21.04
(+0.34)
ZAR/EUR
19.13
(-0.27)
ZAR/AUD
11.68
(-0.12)
ZAR/JPY
0.16
(+0.01)
Gold
1797.72
(-0.23)
Silver
19.00
(-0.54)
Platinum
816.51
(-0.92)
Brent Crude
42.17
(-1.20)
Palladium
1970.43
(+0.94)
All Share
55079.28
(-1.99)
Top 40
50820.47
(-2.03)
Financial 15
10455.99
(-2.32)
Industrial 25
75174.96
(-2.26)
Resource 10
52492.23
(-1.57)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 2050 votes
I am taking a hit, but should be able to recover in the next year
23% - 2667 votes
My finances have been devastated
35% - 4001 votes
It's still too early to know what the full effect will be
25% - 2869 votes
Vote