Even with the South African political script veering wildly over the past few years, Tito Mboweni delivering Wednesday’s medium-term budget policy statement (MTBPS) is a plot twist nobody could have anticipated. The finance ministry looked to be stable under Nhlanhla Nene and who could have guessed that President Cyril Ramaphosa’s first cabinet change would be someone he handpicked just eight months ago as part of his A-team? Had Nene not testified at the state capture commission of inquiry, he probably would have delivered the 2018 MTBPS that he and the team at the national treasury had been preparing for months. There would likely have been some agitation from the EFF during the speech, since they had raised concerns in May already about Nene’s relationship with dodgy businesspeople, although they did not spell out then that these were the Guptas. Who knew? By agreeing to testify at the Zondo commission, Nene had aligned with those piecing together the puzzle of the capture projec...

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