Former Reserve Bank Governor Tito Mboweni has been sworn in as South Africa's new finance minister. His appointment follows outgoing minister, Nhlanhla Nene's resignation over his testimony at the Zondo commission of inquiry into state capture.
Finance Minister Tito Mboweni
“Mr Mboweni takes on this responsibility at a critical moment for our economy, as we intensify cooperation among all social partners to increase investment, accelerate growth and create jobs on a substantial scale.
“This moment calls for strong, capable and steady leadership that will unlock new opportunities as we grow and transform our economy,” said President Cyril Ramaphosa.
Mboweni brings a wealth of experience “in the areas of finance, economic policy and governance”, he said.
After a brief stint as advisor to the Reserve Bank governor between July 1998 and July 1999, Mboweni was appointed as the governor in August 1999.
He was appointed to several positions during his tenure, including honorary professor of economics at the University of South Africa between 2000 and 2003. In April of 2002, Mboweni was appointed as the governor professor extraordinary in economics and served in that capacity until 31 March 2005.
“The latest change at the top of the National Treasury comes especially at a time when policy uncertainty remains in negative territory and when plans, policies and new initiatives to promote economic recovery and reform need high credibility,” said Professor Raymond Parsons, economist at North West University.
“Reducing policy uncertainty and boosting investor confidence policy uncertainty are still high priorities. Mr Mboweni possesses the necessary integrity, skills-set and experience which can generate confidence in the markets, among investors and generally in the business community.”
The local currency responded well against the dollar to the announcement. When Ramaphosa started his address, the rand was trading at R14.7498. When he was done the rand was at R14.7642.
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