Published: Wed, October 10, 2018
Worldwide | By Angelina Lucas

South African Finance minister Nene resigns

South African Finance minister Nene resigns

Pressure has been piling on finance minister Nhlanhla Nene to resign, following his disclosure to the state-capture inquiry commission, that he had met the Gupta brothers between 2010 and 2013.

"As former governor of the reserve bank, Mr Mboweni brings to this position vast experience in areas of finance, economic policy as well as in governance", he said.

In fixed income, the yield on the benchmark government bond due in 2026 fell 6 basis points to 9.180%, continuing to fall as the appointment of a new finance minister reduced political uncertainty.

Last Wednesday, while giving testimony at the commission of inquiry into state capture, Nene admitted he had met with the controversial Gupta family at least six times at their Saxonwold home during his tenures as deputy finance minister as well as during the early stages of his first stint as head of Treasury.

He then added that that Nene can no longer inspire much needed confidence to revive the economy.

Zuma and the Guptas have denied any wrongdoing.

Rumours of his intended resignation on Monday led to a fall in the value of South Africa's currency, the rand, but it has since recovered its value.

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Zuma and the Guptas, who face numerous allegations of using their friendship for mutual self-enrichment, have consistently denied any wrongdoing.

Jonas, a former deputy finance minister, was offered the post on Monday, according to the people, who spoke on condition of anonymity because they aren't authorized to comment.

The DA's Phumzile Van Damme says firing Nene will set a precedent for other Cabinet members to be sacked too.

And on Tuesday, following a day of silence from the ANC and government, along with Ramaphosa's refusal to answer journalists' questions about the matter at a launch of a stamp in the morning, the president finally addressed the nation on Nene.

It had received a battering under Mr Zuma's presidency.

"Government sources said Nene approached Ramaphosa after the highly negative public reaction to his apology to South Africans on Friday for the meetings with the Gupta family when he served under Zuma", the South African newspaper said. Under hard circumstances and often under great pressure, he consistently defended the cause of proper financial management and clean governance.

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