Mboweni to steady 'good governance' ship after Nene's resignation


"Get ready for your first cabinet meeting tomorrow!"

South Africa's top anti-graft body said it would investigate whether the finance minister breached ethics guidelines over a state pension fund investment, piling pressure on Nhlanhla Nene as he faced questions about his future.

The request came after some political parties rejected his apology for the previously undisclosed meetings with the family when he served as deputy minister and minister of finance, respectively.

The 59-year-old minister is expected to steady a ship on the rocks after Nene's state capture inquiry bombshells, where he admitted to a relationship and to meeting the controversial Gupta family at their Saxonwold home. "I deeply regret these lapses and beg your forgiveness".

The Guptas, who built a vast business empire in the mining and media industries in South Africa after forging a partnership with the son of former president Jacob Zuma, are now under criminal investigation on corruption allegations.

Nene led by example and set a new standard for Cabinet ministers, Rossouw said.

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Nene had served the government and people of SA with diligence and "under hard circumstances", and he had come under "great pressure", said Ramaphosa. He remained active in politics, and was elected to the ruling African National Congress's decision-making national executive committee at a party congress in December.

Earlier this week, several economists expressed the view that there would not be major deviations to the mini budget if a new finance minister were to be appointed. Ramaphosa's spokeswoman Khusela Diko did not respond to phone calls.

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

South Africans took to Twitter saying they wish President Cyril Ramaphosa had said "sha sha" when he introduced Mboweni.

"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.