President Cyril Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa on Tuesday. PHOTO: ANA

Business In The News South Africa

Black Business Council says Mboweni is right person to steer SA out of the financial challenges

JOHANNESBURG, October 10 – The Black Business Council (BBC) has welcomed the appointment of former Reserve Bank governor, Tito Mboweni as the new finance minister, saying that he was the right candidate to steer South Africa out of financial challenges.

President Cyril Ramaphosa announced  on Tuesday that he had accepted Nhlanhla Nene’s letter of resignation “in the interests of good governance” on Tuesday morning after Nene said there was risk that the developments around his testimony at the State capture commission will detract from the important task of serving the people of South Africa.

“Mr. Mboweni is a veteran who served as Minister of Labour under President Nelson Mandela from May 1994 to July 1998 and as such, he is the right person to steer the country out of the financial challenges that we currently face,” BBC president Sandile Zungu said.

“In our view, he will be able to implement the stimulus package that will get the country to achieve the job creation target set at the recently held job summit. “e are looking forward to working closely with Mr. Mboweni in stabilising the finances of the country as we fight the triple challenges of poverty, unemployment and inequality.”

Nene got himself embroiled in a scandal after he admitted to having visited the controversial Gupta family businesses in Midrand as well as their residence in Saxonwold between 2010 to 2014, when he was deputy minister and minister finance respectively.

The rand reacted positively at 0.79 percent stronger at R14.72 to the dollar on Tuesday, soon after the announcement. Analysts had also started welcoming the news, saying that the move was good news because it showed Ramaphosa’s leadership was serious about making a clean break with the past. (ANA)

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