Nene quits, Tito Mboweni set to be new finance minister

According to Business LIVE the presidency has announced that Nhlanhla Nene has resigned as finance minister, and will be replaced by Tito Mbow695555590++eni.

Nene’s resignation comes after it was revealed that he had several meetings with the Gupta family that he hadn’t previously told anybody about.

It was also recently revealed that Nene’s son had approached the PIC for a loan when he was its chairman.

While Nene’s son didn’t ultimately get the loan, his partner did and the secrecy around his son’s involvement in the deal raised questions in the media.

Following immense pressure from the EFF and opposition parties, Nene had asked President Cyril Ramaphosa to sack him.

Mboweni was the minister of labour from 1994 to 1999, when he became the governor of the reserve bank until 2009.

In 2010 he was appointed to an advisory role in Goldman Sachs.

In February 2018 Mboweni asked not to be made finance minister.

According to eNCA in March, Mboweni warned against nationalising the reserve bank, in part because he couldn’t see the point of it. The same article revealed that with regards to free tertiary education, there were some courses he wasn’t a fan of funding.

In April Mboweni tweeted the following:

Just recently he stated his support for Nene on Facebook, calling for Nene to be strong.

My Take

I honestly thought Mboweni was off the table because he had said he didn’t want the job before.

Overall, he’s probably one of the better picks for the position, he’s been an outsider for long enough to probably not be captured, and he’s got relevant experience.

There is a whiff of scandal regarding the CIEX saga according to The Citizen in 2017, but deciding not to threaten a huge chunk of South African banking isn’t something I’m going to hold against him.

I’m not too sure the ANC could do better, at least within their own ranks.


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