Tito Mboweni will replace Nhlanhla Nene as finance minister

President Cyril Ramaphosa has announced that Nhlanhla Nene has resigned as South Africa’s finance minister.

In a televised statement on Tuesday (9 October), Ramaphosa said that former central bank Governor Tito Mboweni would replace him with immediate effect.

Nene, who was appointed to his post in February after Ramaphosa became president, came under pressure to quit after he revealed last week that he met members of the controversial Gupta family at their home six times.

Nene subsequently asked Ramaphosa to relieve him of his duties, according to a BusinessDay report on Monday.

Nene also apologised for his conduct in a statement addressed to the South African public – although he denies having granted anyone preferential treatment or favours.

The rand hit R15 to the dollar on the news of Nene’s possible resignation at 12:00 midday on Tuesday.

At 16:45 it was trading at R14.77 on news that Mboweni would take up the role.

Tito Mboweni

Mboweni previously served as South Africa’s minister of labour (1994 to 1998), governor of the South African Reserve Bank (1999 to 2009) and chancellor of North-West University (2002 to 2005).

He is a member of the national executive committee of the African National Congress (since December 2012), a member of the strategic consultative committee of Total Oil Marketing (Africa and Middle East) and a member of the board of governors of the Asia Business School (Malaysia).

He serves as a trustee of the Nelson Mandela Children’s Hospital Trust and is chairman of its fundraising committee.

He is also a member of the Council of Advisers of the Thabo Mbeki Foundation, an honorary Professor of Economics at the universities of Stellenbosch and Witwatersrand, fellow of the Stellenbosch Institute for Advanced Study (STIAS) and the Rockefeller Foundation, Bellagio Centre, Italy.

Read: Questions raised over Ramaphosa’s clean up project after Gupta revelations

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Tito Mboweni will replace Nhlanhla Nene as finance minister