Tito Mboweni appointed new finance minister after Nhlanhla Nene’s abrupt resignation

Barbara Creecy

South African Finance Minister Nhlanhla Nene resigned Tuesday over undisclosed meetings with a business family at the heart of a corruption scandal, dealing a blow to President Cyril Ramaphosa.

There have been mounting calls for Nene to resign after he admitted at the state capture inquiry that he DID meet with the Guptas on several occasions at their Saxonwold home.

The rand will continue to test the R15.00/$ mark until there is clarity on whether Finance Minister Nhlanhla Nene will be stepping down, according to analysts.

The Sunday Times reported that when Nene was reappointed to the Cabinet in February this year, he did not disclose to President Cyril Ramaphosa that he had had seven meetings with the Guptas during his previous Cabinet stint.

Nine years after leaving his post as governor of South Africa's central bank, Tito Mboweni is has been appointed as the nation's finance minister and faces the unenviable task of reviving an economy that's mired in recession.

All eyes will now be on a much anticipated announcement by Moody's on SA's sovereign credit rating on Friday, and Mboweni's maiden medium-term budget policy statement in two weeks.

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

Conor McGregor Posted Photo Revealing Damage Done To His Face By Khabib
To me, it's a dirty fighting style. "Fight in the octagon". "This is not my best side.my father is going to smash me when I get home", Nurmagomedov said.

Mboweni was sworn in immediately. He was appointed labour minister in 1994 and oversaw sweeping reforms to the labour market.

After leaving the bank in 2009, Mboweni went into business, establishing his own investment company and serving on a number of company boards including as the chairman of AngloGold Ashanti.

Commenting on the state capture inquiry, Ramaphosa said it was critical that the commission had 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". Diko said Ramaphosa was concerned about the uncertainty the matter had created in financial markets, and reaffirmed his commitment to the project of economic stability and economic recovery.

It said the issue was likely to be raised at a meeting of the ruling African National Congress party later on Monday.

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 nearly nine years of mismanagement under former President Jacob Zuma. Four days later after pressure, Zuma had to backtrack on his decision and appoint Pravin Gordhan as minister.

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