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Nene takes control of SA's wallet

After serving as his predecessor’s deputy, Nhlanhla Nene has been promoted to fill Pravin Gordhan's shoes.

New Finance Minister Nhlanhla Nene with former minister Pravin Gordhan. Picture: GCIS.

CAPE TOWN - Nhlanhla Nene may best be known for his infamous fall on live television but from today he'll be recognised as the as the man who will lead the balancing of South Africa's accounts as Finance minister.

Nene, who served as Pravin Gordhan's deputy in the National Treasury for almost six years from 2008, is no stranger to the world of finance, having previously served on the parliamentary committee on Finance.

Gordhan has been given the task of sorting out local government as Minister of Co-operative Governance and Traditional Affairs.

Economist Iraj Abedian says the new finance minister knows what he's doing.

"He is a competent man, certainly very market friendly and very considered in his pronouncements and policy choices."

But Abedian says he is worried about some appointments to some departments vital to the economy.

Former National Union of Mineworkers (NUM) president Senzeni Zokwana takes over the agriculture, forestry, and fisheries department, yet has no government experience.

He replaces the controversial Tina Joemat-Pettersson, who has been promoted to the energy department.

"It's more a political loyalty that administrative or technical effectiveness."

With brand new ministers and deputies in some portfolios and others shunted sideways to start afresh, there's a question mark over how efficient the new cabinet will be.

Watch: Cabinet: Who's in, who's out?

President Jacob Zuma's new Cabinet of ministers, including various new and combined portfolios.

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