South African President, Cyril Ramaphosa, has appointed former Central Bank Governor, Tito Mboweni, as his Finance Minister on Tuesday, after he had accepted the resignation of Nhlanhla Nene. Watch the full announcement here.
Nene, who was appointed to his post in February after Ramaphosa became president, is under pressure to quit after he revealed last week that he met members of the controversial Gupta family at their home six times.
Speaking on Tuesday afternoon at Tuynhuys, Ramaphosa said Mboweni would provide the strong leadership needed at this time.
"During his tenure as minister of finance‚ Mr Nene served the people and government of SA with diligence and ability".
The request came after some political parties rejected his apology for the previously undisclosed meetings with the family when he served as deputy minister and minister of finance, respectively.
Ramaphosa's spokesperson Khusela Diko told News24 there was no official comment on the reports yet, while calls to Nene went unanswered.
South Africa's former finance minister Nhlanhla Nene looks on ahead of the Judicial Commission of Inquiry probing state capture in Johannesburg, South Africa October 3, 2018.
"It is a measure of his character and his commitment to the national interest that he has taken this decision to resign in the wake of errors of judgment‚ even though he has not been implicated in acts of wrongdoing". 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 had received a battering under Mr Zuma's presidency. Jonas, Mboweni and Kganyago didn't answer calls to their mobile phones.
Ramaphosa has made clean governance and the kick-starting of an economy mired in recession top priorities.
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.
In December 2015, Zuma fired Nene and replaced him with little unknown ANC MP Des van Rooyen.