Economists have welcomed the appointment of Enoch Godongwana as the new Finance minister. President Cyril Ramaphosa named Godongwana as the new replacement of the outgoing Finance Minister Tito Mboweni.

Godongwana is the former Deputy Finance Minister. He also served in the African National Congress’ (ANC) Economic Transformation Committee along with Mboweni for several years.

Economist Isaac Matshego says he expects continuity with Godongwane at the helm of National Treasury.

“The rand came under some pressure on the announcement that Tito Mboweni had asked the President to release him from his position. I do believe that Godongwana is a great appointment – someone who understands the challenges faced by the fiscus. He will continue on a path to reduce debt stock and improve efficiency of government spending,” says Matshego.

Cabinet Reshuffle | Economic reaction with Dr Azar Jammine

Ramaphosa says due to the many developments in the country in recent months and weeks, some action needed to be taken to further improve governance in South Africa.

“With regards to the ministers, I have made the following new appointments Minister in the Presidency Mondli Gungubele, Communications Minister Khumbudzo Ntshavheni, Defence Minister Thandi Modise, Finance Minister Enoch Gondogwana, Health Minister Joe Paahla, Human Settlements Minister Mamoloko Kubayi, Public Service and Administration Minister Ayanda Dlodlo, Tourism Minister Lindiwe Sisulu, Water and Sanitation Minister Senzo Mchunu,” says Ramaphosa.

President Ramaphosa announces changes to the national executive: 05 August 2021