Rand pulls back as relief rally linked to new finance chief wanes

Dr. Zweli Mkhize

Following the acceptance of Nene's resignation, President Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa.

Asked repeatedly at a media event in Cape Town whether Nene still enjoyed his confidence and what the future might hold for the finance minister, President Ramaphosa made light of the questions and pretended there was something wrong with his hearing.

Weekend reports indicated that Nene's future as finance minister was on shaky ground following his admission to the meetings, with some claiming Gauteng finance MEC Barbara Creecy could be his replacement.

In a nationally televised address, Ramaphosa said he accepted Nene's resignation because of "errors of judgment" as a result of a controversy surrounding Nene's testimony in an ongoing graft inquiry in South Africa.

Since Nene admitted last week at the commission of inquiry into state capture to having multiple meetings with Gupta family between 2010 and 2014, pressure has been mounting on Ramaphosa to sack him. "I deeply regret these lapses and beg your forgiveness".

The Guptas have been accused of working with former President Jacob Zuma to secure government contracts and determine cabinet appointments.




Rumours of his intended resignation on Monday led to a fall in the value of South Africa's currency, the rand, but it has since recovered its value.

Mboweni replaced Nhlanhla Nene‚ who resigned earlier following disclosures that he had had more extensive meetings with members of the Gupta family than had previously been indicated. Ramaphosa's spokeswoman Khusela Diko did not respond to phone calls. Ramaphosa "must apply the same consistency with other ministers who continue to serve in his cabinet like Malusi Gigaba, Nomvula Mokonyane, and Bathabile Dlamini", it said.

The ANC forced Zuma to quit as president in February after nearly nine years in office, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over.

Questions have also been raised about a PIC deal involving Nene's son, while he was chairman of the PIC.

"I am confident that Mr Mboweni will provide that leadership‚" he said.

South Africans took to Twitter saying they wish President Cyril Ramaphosa had said "sha sha" when he introduced Mboweni.

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