Newly-appointed Finance Minister, Enoch Godongwana, has been sworn-in today at the Union Buildings in Pretoria by acting Chief Justice, Raymond Zondo.

Godongwana replaces Tito Mboweni who asked to be excused from this position.

I, Enoch Godongwana, swear that I will be faithful to the Republic of South Africa and will obey, respect and uphold the constitution and all other laws of the republic and undertake to hold my office as minister with honour and dignity to be a true and faithful councillor.”

Parliament says President Cyril Ramaphosa used his prerogative accorded by the constitution to appoint two ministers and deputies who are not members of parliament. Godongwana is not a member of parliament.

The Cabinet reshuffle has created vacancies in some of the positions of committee chairpersons including that of health and social development.

Spokesperson for Parliament, Moloto Mothapo, explaining the procedure to be followed until the new chairpersons are elected, says, “In committees where vacancies have arisen, committees will elect amongst their members acting chairpersons to preside over the  meetings until election of the new chairpersons.

One of the big upcoming tasks that the new finance minister will deal with is the Medium-Term Budget Policy Statement later this year.

He also has a mammoth task of steering the ailing economy out of the devastating impact of COVID-19 and high unemployment levels.

Economists welcome appointment of new Finance Minister Enoch Godongwana

Economists have welcomed the appointment of Enoch Godongwana as the new Finance minister.

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.

Video: SA Cabinet reshuffle