Mboweni to steady 'good governance' ship after Nene's resignation

Mcebisi Jonas

Meanwhile, the rand held gains made ahead of president Ramaphosa's announcement that Mboweni would be the new finance minister.

After leaving the central bank he went into business, acting as an adviser in South Africa for Goldman Sachs and served as chairperson of AngloGold Ashanti and on the boards of other companies.

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

Ramaphosa also said nobody was above the scrutiny of the state capture commission.

Since Nene admitted last week at the commission of inquiry into state capture to having multiple meetings with Gupta family between 2010 and 2014, pressure has been mounting on Ramaphosa to sack him.

Cassper Nyovest's hit track Tito Mboweni has captured worldwide attention after the politician it was named after was appointed the new finance minister on Tuesday.

In a nationally televised address, Ramaphosa said he accepted Nene's resignation because of "errors of judgment" as a result of a controversy surrounding Nene's testimony in an ongoing graft inquiry in South Africa. He served as labour minister in the cabinet of former president Nelson Mandela in the mid-1990s and was widely praised for his work as the governor of the South African Reserve Bank from 1999 to 2009.

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A feeling of resignation threatened to engulf Southampton , although at least they tried to drag themselves back into the game at the start of the second half.

"It is indeed a measure of Nene's character and his commitment of the national interest of our country that he has taken it upon himself to resign, even though he has not been implicated in wrongdoing", said Ramaphosa.

On the face of it a finance minister talking to top business people may seem normal, but the Guptas have been accused of using meetings, in their residence in a posh suburb of Johannesburg, to influence political decisions.

On Friday afternoon, Nene released a statement apologising to the nation for not fully disclosing his meetings with the Gupta family.

Nene has always been perceived as an adversary to state capture, and as one of the few who stood his ground against former president Jacob Zuma.

The ANC forced Zuma to quit as president in February, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over.

Earlier this week, several economists expressed the view that there would not be major deviations to the mini budget if a new finance minister were to be appointed.

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