South Africa Finance Minister Resigns Over Graft Testimony

10 October, 2018, 13:01 | Author: Emmett Rice
  • Nhlanhla Nene is SA's minister of finance. Again

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.

Nhlanhla Nene has been relieved of his duties as South Africa's Finance Minister, due to contradictions and mistruths made during his appearance before the Commission of Inquiry Into State Capture.

Nene faced calls to resign after he admitted visiting the Gupta brothers, friends of scandal-plagued former President Jacob Zuma, who have been accused of high-level influence-peddling, and failing to disclose the meetings earlier.

Nene reportedly asked President Cyril Ramaphosa to sack him.

His shock removal - in a late night statement by the Presidency - sent the rand into freefall, led to outrage against Zuma, and was among the first inklings that something was drastically amiss under Zuma's administration. He will South Africa's fifth finance minister since 2014. "I deeply regret these lapses and beg your forgiveness".

Mr. Nene had committed "errors of judgment" but was not personally implicated in any wrongdoing, Mr. Ramaphosa said in his announcement on Tuesday.

More news: NY limousine crash victims included newlyweds, brothers

But Nene's confession at the inquiry came as a surprise, as he had previously denied meeting with the politically connected family, telling eNCA in April 2016 that he had only seen them during "public gatherings". 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.

Mboweni is a member of the ANC's national executive committee, one of the ruling party's highest decision-making bodies.

Chawasema said the rand already started to firm ahead of the announcement‚ on rumours that Mboweni would be offered the job.

"Mboweni possesses the necessary integrity, skills set and experience which can generate confidence in the markets, among investors and generally in the business community", said Raymond Parsons, a professor at the North West University's School of Business and Governance.

The former minister issued an apology to South Africans on Friday, 5 October 2018, over meeting the Guptas and said it had been a mistake.

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