RAY HARTLEY: Why Cyril Ramaphosa's appointment of Tito Mboweni is a masterstroke
The former Reserve Bank governor is widely respected by business and is also the architect of SA's original social compact
President Cyril Ramaphosa has accepted the resignation of Nhlanhla Nene and appointed Tito Mboweni as his new finance minister in a two-part masterstroke. Both developments should be positive for the South African economy and the fight against state capture. Ramaphosa did say of Nene that "he consistently defended the cause of proper financial governance", referring to Nene's refusal to sign off on former president Jacob Zuma's nuclear deal. "He has indicated that there is risk that the developments around his testimony will detract from the important task of serving the people of SA, particularly as we work to re-establish public trust in government," Ramaphosa said. It would have been folly to wait for more Nene "errors of judgment" to be exposed before acting. By acting now, he has avoided any further scandal around Nene attaching itself to the Treasury or to the government. At the end of his announcement, Ramaphosa said: "For the country to move forward we need to establish the ...
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