Economics
Ramaphosa Appoints Mboweni as South Africa’s Finance Minister
- Nene loses his post after lying about meetings with Guptas
- Mboweni served as governor of central bank, labor minister
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South African President Cyril Ramaphosa appointed former central bank Governor Tito Mboweni as his finance minister on Tuesday, replacing Nhlanhla Nene, who lied about his meetings with three businessmen accused of plundering state funds.
Mboweni, the nation’s fifth finance chief in less than three years, will have to oversee an economy that’s fallen into recession and help Ramaphosa rebuild confidence battered by almost nine years of mismanagement under former President Jacob Zuma. He must also reassure investors and credit-rating companies of credible plans to stabilize debt and revive growth in the mid-term budget on Oct. 24.