South Africa Finance Minister Resigns Over Graft Testimony

Daniel Mminele

Daniel Mminele

Alluding to Nene's refusal to give the green light to the Russian nuclear deal, which was being pushed through by former president Jacob Zuma and which would have indebted South Africa to the European state for years to come, Ramaphosa praised Nene saying: "He served our people under very hard circumstances and often coming under pressure but he consistently defended the cause of proper financial management and clean governance". Now to continue the discussion around the appointment of Mobweni and resignation of Nene as a result of his testimony before the Inquiry, we are joined in studio by an analyst Khaya Sithole. "You do not kick a person when they are down", said Rossouw.

This on the back of his appearance before the commission of inquiry into state capture last week, where he confirmed visiting the Gupta family on numerous occasions between 2009 and 2014.

For the EFF, Nene's position as finance minister is no longer tenable and they are determined to win what they are now calling a battle.

By accepting Mr. Nene's resignation, Mr. Ramaphosa is setting a tough new standard for corruption issues. "I'd like to call it the Nene Standard, or benchmark or rule".

The former central bank boss will have his work cut out for him, coming as the economy contracts, raising concern that the country may not be able to balance its books as required by ratings agencies.

Mboweni, like mineral resources minister Gwede Mantashe, has been appointed in terms of rules which permit two ministers from outside parliament.

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"This is very good news for the market, but I do have a worry or concern about his ability to implement some of the structural changes that were promised in part by the president but some being the decisions he must make to transform the economy". Ramaphosa's spokeswoman told Reuters his office was not aware of Nene's request.

Business Day on Monday reported that Nene had asked Ramaphosa to relieve him of his duties following public pressure over his testimony last week.

She also stressed that there was an entire team at Treasury who worked on the budget, not just one individual.

- Dr Azar Jammine, EconometrixThe production line of potential ANC leaders has just run out... "It won't affect it one iota", he said.

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