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Mboweni forced to hit the ground running

Tito Mboweni is set to deliver the medium-term budget policy statement in two weeks’ time.

Tito Mboweni is sworn in as Finance Minister on 9 October 2018. Picture: Cindy Archillies/EWN

CAPE TOWN - New Finance Minister Tito Mboweni will have to hit the ground running.

He’s set to deliver the medium-term budget policy statement in two weeks’ time.

He was sworn in at Tuynhuys in Cape Town on Tuesday afternoon immediately after President Cyril Ramaphosa announced he’d accepted the resignation of Nhlanhla Nene.

In his letter asking Ramaphosa to relieve him of his duties, Nene said he was worried his testimony at the state capture inquiry would detract from his ability to serve and efforts to restore trust in the government.

Nene told the Zondo commission last week that he’d met with the Guptas at their Saxonwold home a number of times, contradicting earlier statements that he’d only bumped into them from time to time.

President Ramaphosa says he’s confident that Mboweni can provide the leadership that’s now needed at Treasury.

He says the former Labour Minister and former Reserve Bank governor brings “vast experience in areas of finance, economic policy as well as governance”.

“Mr Mboweni takes on this responsibility at a very critical time for our economy, as we intensify cooperation among all social partners in our country, to increase investment, to accelerate growth and create jobs on a much more substantial scale.”

Ramaphosa thanked Nhlanhla Nene for his service, saying it was often under difficult circumstances and great pressure.

He says Nene’s decision to step down in the wake of what he called “errors of judgement” was a mark of his character and commitment to the country’s interests.

WATCH: Nene out, Mboweni in

(Edited by Winnie Theletsane)

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