South Africa Political Economy: Nene's resignation

"President Ramaphosa accepts Nene's resignation"

South Africa President, Cyril Ramaphosa accepted the resignation of Nene as South Africa's Minister of Finance. In his acceptance speech, the President stated that after due consideration of the circumstances surrounding the matter and in the interest of good governance, he decided to accept Nene's resignation.

 President Ramaphosa reiterated, that during his tenure as Minister of Finance, Mr. Nene served the people and the government of South Africa, with diligence, and great ability. Despite serving as Minister of Finance, under very difficult circumstances, and often coming under great pressure, yet he consistently defended the course of proper financial management, as well as clean governance. The President further stated that it was for the national interest of the country, and a show of strength in character, that Mr. Nene took the decision to resign even though he had not been implicated with any act of wrong doing himself.

In conclusion, President Ramaphosa, took the opportunity to thank Mr. Nene for his services to the nation and also announced the appointment of Mr. Titus Tito Mboweni as the new Minister of Finance of the Federal Republic of South Africa with immediate effect.