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profishingrods.com December 17, 2018


Black Business Council: Mboweni is right person to steer SA finances

10 October 2018, 08:29 | Devin Moran

Daniel Mminele

Daniel Mminele

Nene, speaking under oath at the hearings, also said that his then deputy Mcebisi Jonas was offered his job after Nene refused to back the nuclear proposals.

The main opposition Democratic Alliance party welcomed Mboweni's appointment, saying he was a safe pair of hands. Ramaphosa promised to curb corruption that has contributed to South Africa's economic problems, though critics question whether he has the will and clout to scrutinize top levels of the ruling African National Congress party ahead of elections next year.

During his decade-long tenure as central bank governor, Mboweni established a reputation as a monetary-policy conservative - he was a fierce defender of inflation targeting, which was introduced the year after he took office, and raised the repurchase rate to 13.5% in 2002 to control price growth and boost the rand.

Mboweni has since served as an adviser to investment banking firm Goldman Sachs and has been a director at the New Development Bank established by Brics.

Zuma ruled for nearly nine years before the governing African National Congress forced him to quit in February and replaced him with his 65-year-old deputy and party leader, Ramaphosa.

"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.

Nene had been expected to deliver the mid-term budget policy statement in parliament on October 24. "He has also said that it is important that he affirms his commitment on the project of economic recovery and stability and because of that he is still to apply his mind with the issues he has discussed with Minister Nene".




Nene has become a divisive figure after testimony he gave last week at the Zondo inquiry into state capture, in which he admitted to the previously undisclosed visits.

Nene is not the only minister in Ramaphosa's cabinet over whom a cloud hangs.

Last week Nene told an inquiry into government corruption he had made numerous visits to the Gupta family, friends of former leader Jacob Zuma accused of unfairly winning state contracts and influencing the firing of ministers.

They have singled out ministers Malusi Gigaba, Nomvula Mokonyane and Bathabile Dlamini.

Ramaphosa's office responded and said they were not aware of Nene's request.

Several ministers and government officials have been implicated in the graft scandals around the Guptas. "Foreign investors, after a well-managed political transition, have been disappointed and the links between the Guptas and Nene shows it is hard to erase the past".



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