President Cyril Ramaphosa says the appointment of former Reserve Bank Governor Tito Mboweni as Finance Minister comes at a critical time for the South African economy.
The President says Mboweni has a wealth of experience in finance, economic policy and governance, to steer the economy forward.
Ramaphosa appointed Mboweni after he accepted the resignation of Nhlanhla Nene on Tuesday.
He says: “Mr Mboweni takes this responsibility at a very critical time for our economy as we intensify co-operation among all social partners in our country to increase investment, to accelerate growth and create jobs on a much more substantial scale.’
“This moment calls for strong and steady capable leadership that will unlock the various new opportunities that have been identified by the social partners,” adds Ramaphosa.
Meanwhile, economists and markets have largely welcomed the appointment of Tito Mboweni as the new finance minister.
The rand held gains at close of market, reaching R14.75 to the dollar as the president made his announcement.
Efficient Group Economist Dawie Roodt says: “The financial markets like this decision and I think it is a good decision. Tito Mboweni hasn’t been involved directly in government in the last couple of years and I think by putting him as a kind of outsider is a good idea and I also think that he has a lot of experience as a once governor in the South African Reserve Bank .”- Additional Reporting Amina Accram
