Tuesday, 16 October, 2018

Tito Mboweni as finance minister: what it means

Nhlanhla Nene is SA's minister of finance. Again Nhlanhla Nene is SA's minister of finance. Again
Kenny Thornton | 10 October, 2018, 08:30

This is after he took to the stand in the judicial commission of inquiry into state capture, and admitted to having met the Gupta family on several occasions - this is contrary to what he told news channel eNCA back in 2015.

President Cyril Ramaphosa deflected questions regarding the future of embattled Finance Minister Nhlanhla Nene during an unveiling ceremony earlier on Tuesday.

"As a former governor of the Reserve Bank and before that, as Minister of Labour, Mr Mboweni brings with him vast experience in areas of finance, economic policy and governance".

"I have made a decision to accept his resignation", Ramaphosa told a televised press briefing in Cape Town.

"Government sources said Nene approached Ramaphosa after the highly negative public reaction to his apology to South Africans on Friday for the meetings with the Gupta family when he served under Zuma", the South African newspaper said.

The Guptas, who face numerous allegations of using their friendship with former leader Jacob Zuma for mutual self-enrichment, have consistently denied any wrongdoing.

At the graft inquiry, Nene accused Zuma of pushing policies created to benefit the Guptas, including a massive nuclear power expansion programme. "He has also said that it is important that he affirms his commitment on the project of economic recovery and stability and because of that he is still to apply his mind with the issues he has discussed with Minister Nene".

Mr. Nene had committed "errors of judgment" but was not personally implicated in any wrongdoing, Mr. Ramaphosa said in his announcement on Tuesday.

Kim Jong-Un invites Pope Francis to visit North Korea
So if President Trump is going to strike a deal with North Korea, this is when he's going to get the best terms. North Korea claims to have destroyed the site. "President Trump is very close to losing control", he said.

"The Nene case shows how it is hard for Ramaphosa to change the country", Tresca said.

Nene said during his testimony to the inquiry he was sacked in December 2015 for refusing to agree to Zuma's plans to spend billions of dollars on new nuclear plants.

It's understood the minister offered to resign during a phone call to the president.

Nene's appointment to Ramaphosa's Cabinet this year was widely welcomed as a break from the alleged plundering of state resources.

In congratulating Mboweni, the DA's finance spokesperson David Maynier commented that he had been "plucked from political obscurity" to be appointed as Nene's replacement.

With government debt at already dangerously high levels and the country at risk of losing its sole remaining investment-grade credit rating from Moody's Investors Service, Mboweni will have little option but to stick to the National Treasury's expenditure ceilings and deficit-reduction targets.

New Finance Minister Tito Mboweni will have to hit the ground running.

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