Tito Mboweni as finance minister: what it means

Lesetja Kganyago

Nhlanhla Nene's resignation has been accepted, President Cyril Ramaphosa said on Tuesday and announced the appointment of Tito Mboweni as the new finance minister.

South Africa's finance minister has resigned after acknowledging missteps during the scandal-tainted tenure of former president Jacob Zuma while testifying in a corruption inquiry.

Nene's fall from grace came after he admitted to an anti-graft inquiry that he met members of the Gupta family at their home six times, contradicting statements in an earlier interview that he only encountered them at public events.

Here's everything you need to know.

Ramaphosa said Mboweni, the former Governor of the Reserve Bank, brings in much-needed leadership.

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

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"The initial selling reaction on the rand on reports that its finance minister has asked to be sacked will encourage investor caution that South Africa could be in store for another round of political risk", said Jameel Ahmad, head of currency strategy at FXTM. "I deeply regret these lapses and beg your forgiveness". He is the kind of person who will be able to take those decisions. 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.

After revealing the details of his own meetings, Mr Nene issued a public apology saying: "I am human too, I do make mistakes, including those of poor judgement".

Speaking to Fin24 by phone on Wednesday morning, Rossouw said it was important to honour Nene. Ramaphosa's spokeswoman told Reuters his office was not aware of Nene's request.

Both Zuma and the Guptas - who are at the heart of the inquiry into so-called "state capture" - have denied any wrongdoing.

Opposition parties have called for his resignation. His appointment "will help to ensure stability and consistency in policy direction", especially with the mid-term budget due to be released on October 24, he said.

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