Former reserve bank governor Tito Mboweni has been appointed finance minister after President Cyril Ramaphosa accepted Nhlanhla Nene’s letter of resignation. 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. Speaking on Tuesday afternoon at Tuynhuys, Ramaphosa said Mboweni would provide the strong leadership needed at this time.

"As former governor of the reserve bank, Mr Mboweni brings to this position vast experience in areas of finance, economic policy as well as in governance," he said. "Mr Mboweni takes on this responsibility at a critical time for our econo...

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