Nene out, Mboweni in

Nhlanhla Nene failed to disclose many private meetings with the Gupta brothers

It has taken approximately less than seven days for now former finance minister Nhlanhla Nene to move from being one of the most trusted and loved public servants to him now being referred to as compromised, with some questioning his integrity.

"Ramaphosa is cleaning things up and laying a platform so that he is able to campaign confidently when it is election time", University of Johannesburg politics professor Kwandiwe Kondlo said. "There will be unpopular decisions to be made".

"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".

"Their continued stay in cabinet sends a message that Ramaphosa is inconsistent and fails go put the interests of South Africans above those of the ANC's big shots".

The President appointed a respected former governor of South Africa's central bank, Tito Mboweni, as the new finance minister.

His major achievement at the central bank was building the nation's foreign-exchange reserves to nearly 40 billion dollars from less than 10 billion dollars.

The rand gained 0.9 percent to 14.71 per dollar by 5:25 pm in Johannesburg, reversing an earlier decline of as much as 1.4 percent on the news. Yields on benchmark 2026 government bonds fell eight basis points to 9.21%.

All the while, the country's third largest political party, the EFF had been shouting from the side-lines for Nene to "come clean", threatening to expose him if he did otherwise. He featured on a list of candidates for the panel that backed Nkosazana Dlamini-Zuma for the position of party leader in December - a post won by Ramaphosa.

Last week, Mr Nene told a judge-led inquiry into the alleged influence of the Guptas, known as the Zondo commission, about meetings that he had previously denied.

South Africa's top anti-graft body said it would investigate whether the finance minister breached ethics guidelines over a state pension fund investment, piling pressure on Nhlanhla Nene as he faced questions about his future.

This was Nene's second stint as finance minister.

While some lauded Nene for refusing to buckle while being pressurised to sign off on a nuclear deal Zuma wanted to get into with Russian Federation, as it had the potential to sink South Africa's already ailing economy.

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.

"Ideologically and in terms of macroeconomic policy thinking, President Ramaphosa may have appointed the finance minister he always desired in his cabinet".

Related news:

Hot News

isis-killer-beheading-video-story-top 'First Lady represented America very well': Trump summarises Melania trip
Oct 10, 2018 - 09:59
Apparently, the FLOTUS feels "victimized and even bullied at times " when it comes to criticism of her clothing choices. Many also referenced other occasions that the first lady has caused controversy with her fashion choices.

isis-killer-beheading-video-story-top Hurricane Michael nears Florida, and global economy warning
Oct 10, 2018 - 09:51
Kay Ivey issued a state of emergency in anticipation of widespread power outages , wind damage and debris produced by high winds. Scott extended a state of emergency to 35 counties and activated 2,500 National Guardsmen for hurricane duty.

isis-killer-beheading-video-story-top Gerrard: Liverpool v Man City will be classic
Oct 09, 2018 - 15:51
He has a lot of weapons to attack you and they are masters in taking advantage of your mistakes. For what? We arrive there, both sides, to play a Premier League game.

isis-killer-beheading-video-story-top FA to investigate Mourinho's touchline comments after Newcastle comeback
Oct 09, 2018 - 15:29
The Mail reports that United now risk losing the best players in their squad unless Mourinho is sacked by the end of the season. United, spent 13 seasons at Manchester United , including the 2016-17 season under Mourinho.

isis-killer-beheading-video-story-top OnePlus 6T Officially Confirmed to Launch on October 30th in India
Oct 09, 2018 - 15:28
That also means that the OnePlus 6T will become available on the same day it ends up being launched, it seems. The smartphone has been leaked multiple times and the Chinese smartphone maker has remained onboard.

isis-killer-beheading-video-story-top Tanushree Dutta files police complaint against Nana Patekar, Ganesh Acharya
Oct 09, 2018 - 14:59
The panel has also sought an update of investigation into the police complaint filed by Tanushree Dutta . Patekar, who was shooting for upcoming film " Housefull 4 " in Jodhpur, landed here Saturday.

isis-killer-beheading-video-story-top Las Vegas police say no arrests made after McGregor Khabib brawl
Oct 09, 2018 - 14:56
White acknowledged Nurmagomedov's lightweight title could be stripped if his actions result in a significant suspension. If the organization is going to win because that is a fight that they can make money with it, and fans want to see it.

isis-killer-beheading-video-story-top Tua Tagovailoa throws four touchdowns in first half
Oct 09, 2018 - 11:57
Tagovailoa has thrown one more touchdown pass (18) than Greg McElroy threw in Alabama's entire 2009 national championship season. Once again, Tagovailoa connected with Smith for a huge gain near the Arkansas 20 before cornerback Ryan Pulley forced a fumble.

isis-killer-beheading-video-story-top Vettel: Ferrari damaging tyres more than F1 rivals at Japanese GP
Oct 08, 2018 - 17:46
Vettel had hoped the Suzuka circuit would suit his auto better than the last two races in Singapore and Russian Federation to ignite his fading title hopes but on Friday's evidence the Mercedes pair will be hard to beat.

isis-killer-beheading-video-story-top Secretary Pompeo: We have great concerns about China's actions, disagreements
Oct 08, 2018 - 16:57
US officials have thus far said the penalties will remain in place until the North's denuclearization is fully verified. Moon also said there was a possibility of Kim holding a summit with Japanese Prime Minister Shinzo Abe.

isis-killer-beheading-video-story-top Panthers' Reid returns, kneels during national anthem
Oct 08, 2018 - 16:56
They have to distract. "Obviously they scored quite a few points on us, but it's always better to correct after a win". Meanwhile, Reid said this week he hasn't decided whether he will protest before the game.

isis-killer-beheading-video-story-top Romelu Lukaku opens up about Alexis Sanchez at Man United
Oct 08, 2018 - 14:44
After the forthcoming global break, their next six games include matches against Chelsea , Juventus twice and Manchester City . Beating Newcastle , at home, is not a told-you-so moment.

isis-killer-beheading-video-story-top China asked to divulge information on Interpol chief Meng's disappearance
Oct 08, 2018 - 13:59
It was not clear why Meng, 64, who was named Interpol's president two years ago, had travelled to China. So far neither the public security ministry nor the foreign ministry in China has commented.

isis-killer-beheading-video-story-top US jobless rate falls to 3.7%, 49-year low
Oct 07, 2018 - 18:12
The U-3 unemployment rate hit a 49-year low as more than a quarter-million people left the ranks of unemployed workers. Powell said more wage growth is "quite welcome" and the Fed isn't anxious yet about higher pay causing inflation.

isis-killer-beheading-video-story-top South Koreans Visiting Pyongyang For Summit Anniversary
Oct 07, 2018 - 14:41
Rodong Sinmun , the official newspaper of the Workers' Party of Korea, underlined the point in an editorial Sunday. This will be Pompeo's fourth visit to North Korea since spring.