[ad_1]
In a nationally televised speech, Ramaphosa stated that he had accepted Nene's resignation due to "errors of judgment" resulting from a controversy surrounding Nene's testimony in the framework of a corruption investigation underway in South Africa.
Ramaphosa has announced that Tito Mboweni, former governor of the South African Reserve Bank, will replace Nene as Finance Minister.
Mboweni was sworn in immediately after the address.
"After duly taking into account the circumstances surrounding this case and in the interest of good governance, I decided to accept his resignation," Ramaphosa said.
Nene was sacked by former President Jacob Zuma as Finance Minister – in testimony of the "ongoing capture by the state" investigation.
However, Nene claims to have been fired for refusing to sign what many saw as a questionable nuclear deal with Russia.
Nene was reappointed after Ramaphosa assumed the presidency.
Despite his reputation as a finance minister fighting corruption, Nene recently confessed to holding a series of meetings during his tenure with the Gupta family, rich Indian expatriates accused of large-scale corruption. He previously denied having these meetings.
Several members of Ramaphosa's cabinet have been accused of corruption and some analysts believe that the resignation of Nene will further encourage the president to clean up his management team.
It contains allegations, dubious trade agreements and ministerial appointments in the government of former President Jacob Zuma.
The Gupta are a wealthy family who emigrated from India to South Africa, where they built a business empire and exert great political influence.
