Nhlanhla Nene is sworn in as minister of finance in Cape Town, February 27 2018. Picture: REUTERS
Nhlanhla Nene is sworn in as minister of finance in Cape Town, February 27 2018. Picture: REUTERS

President Cyril Ramaphosa will make a public announcement on developments around finance minister Nhlanhla Nene on Tuesday afternoon.

The presidency confirmed that Ramaphosa would make the announcement at 4.30pm at Tuynhuys in Cape Town.

Earlier, his spokeswoman Khusela Diko said Ramaphosa had been engaging with Nene following his testimony at the state capture inquiry.

She said there had been ongoing engagements between the two and that Nene had briefed him on the details around his testimony.

“[Ramaphosa] is concerned about the uncertainty this matter has created in the financial markets and he reaffirmed his commitment to the project of economic stability and economic recovery.

“He said on the basis of that he is applying his mind to the issues that minister Nene has raised with him. But he wants to make an announcement on the matter shortly,” Diko said.

On Monday, Business Day reported that Nene had asked Ramaphosa to relieve him of his duties following public pressure over his testimony at the state capture inquiry, at which he admitted to meeting the Gupta family on numerous occasions and at their private Saxonwold home.

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.

Bloomberg reported earlier on Tuesday that former deputy finance minister Mcebisi Jonas declined an offer from Ramaphosa to replace Nene.

quintalg@businesslive.co.za

Update: October 9 2018
This story was updated to reflect the time President Ramaphosa  is expected to address the nation.