Cabinet reshuffle: Godongwana to replace Mboweni as finance minister
President Cyril Ramaphosa on Thursday reshuffled his Cabinet, replacing current Finance Minister Tito Mboweni with Enoch Godongwana, a former deputy minister of public enterprises.
“Minister Mboweni took up this position following the sudden departure of former minister Nhlanhla Nene in October 2018. Since then, he has effectively and ably steered National Treasury through extremely difficult economic times, providing stability and instilling confidence. “And if we do this [reintroduce the grant], in terms of the markets, it won’t be credible to announce a basic income grant without cancelling austerity,” said the official.Just last week in a business column, Godongwana – who was also the head of economic transformation for the ANC and chair of the Development Bank of Southern Africa – said South Africa’s economy has been in a bad shape since 2015, with the situation made worse by the pandemic.
Godongwana said there were two main things that were detrimental to the country’s economy: electricity shortages and corruption.
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