
<p>Former South African finance minister Nhlanhla Nene says government needs more teeth to sort out misconduct and corruption in its ranks.</p>



<p>Nene fell on his sword as finance minister, in 2018,after admitting meeting members of the Gupta family – accused of corruption in South Africa – during his time in office. He was succeeded by former reserve bank governor Tito Mboweni.</p>



<p>“I think the government needs real authority to execute their task. If anything happens, at times we do not see action in that space when people, who do get out of their way, being dealt with as they should be,” Nene told CNBC Africa in an exclusive live interview.</p>



<p>Nene also said that that COVID-19 was also proving worse than the global financial crisis, in 2008, that he worked through as deputy finance minister.</p>



<p>“When the pandemic hit the country it was facing a very tough economic situation. Back in 2008 you were suffering a global situation , but it was not complicated by a natural disaster like the one we have now. This is much more complex than the one we had back then…The solutions are just as difficult to find. Finding a solution is like trying to fix an aeroplane while you are flying it and I don’t envy the leadership in making decisions,” says Nene.</p>



<p>Nene, born to subsistence rural farmers in 1958, has retreated to his farm in KwaZulu Natal since he left office.</p>



<p>“Even when I was in office I would always retreat back to the fam to gain some sanity…I love animals and I love nature it is really therapeutic,” he says.</p>


SOCIAL_PRM_NHLANHLA_28JULY

“It must be like trying to fix a plane when you are flying it” why former finance minister Nene doesn’t envy those in power fighting COVID-19.

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<p>Ravi Bhatia, Director of Sovereign &amp; International Public Finance Rating, S&amp;P Global Ratings spoke to CNBC Africa about Tito Mboweni&#8217;s appointment as finance minister.</p>

S&P reacts to Tito Mboweni’s appointment as finmin

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<p>According to South African Reserve Bank Governor, Lesetja Kganyago, the local economy still has a fighting chance. In an interview with CNBC at the International Monetary Fund’s annual meeting Kganyago had this to say.</p>


SARB’s expectations ahead of Moody’s announcement

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<p>The rand is steady after a strong rally yesterday, triggered the appointment of Tito Mboweni as South Africa&#8217;s new finance Minister. Mboweni, the former Governor of South Africa&#8217;s Reserve Bank replaced Nhlanhla Nene, who resigned after misleading the public about his relations with the scandal hit Gupta family. This is what the current SARB Governor, Lesetja Kganyago, had to say on Mboweni.</p>


Lesetja Kganyago on Mboweni’s appointment, expectations for Moody’s review

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<p>South Africa President Cyril Ramaphosa has accepted the resignation of Nhlanhla Nene as finance minister and appointed former SARB governor Tito Mboweni as the new treasury head.</p>


Ramaphosa accepts Nene resignation, appoints Tito Mboweni as new Finance Minister

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<p>South Africa President Cyril Ramaphosa has appointed former SARB governor Tito Mboweni as new Finance Minister after accepting Nhlanhla Nene&#8217;s resignation.</p>


Tito Mboweni sworn in as new South Africa finance minister

<p>CAPE TOWN (Reuters) &#8211; South Africa’s top anti-graft body said it would investigate whether the finance minister breached ethics guidelines over a state pension fund investment, piling pressure on Nhlanhla Nene as he faced questions about his future.</p>
<p>The office of the Public Protector said on Tuesday it would look into a complaint by the main opposition Democratic Alliance party about the investment, carried out when Nene was chairman of the fund and deputy finance minister.</p>
<p>There was no immediate comment from the minister who was due to travel to an International Monetary Fund meeting in Indonesia. He has in the past denied any wrongdoing connected to investments by the Public Investment Corporation fund.</p>
<p>On Monday, the rand initially sank more than one percent on a newspaper report that Nene had asked President Cyril Ramaphosa to sack him.</p>
<p>Business Day newspaper said the minister made the request after acknowledging in a hearing that he had visited the Gupta family, friends of former leader Jacob Zuma accused of unfairly winning state contracts.</p>
<p>Both Zuma and the Guptas have denied any wrongdoing.</p>
<p>Nene, who publicly apologised for not previously reporting the visits to the Gupta brothers, has not made any statements confirming or denying the report by Business Day newspaper.</p>
<p>The president’s spokeswoman told Reuters his office was not aware of any such request from Nene.</p>
<p>Asked repeatedly at a media event in Cape Town whether Nene still enjoyed his confidence and what the future might hold for the finance minister, President Ramaphosa made light of the questions and pretended there was something wrong with his hearing.</p>
<p>“I am hard of hearing. I actually have go to an ear (specialist) &#8230; see you later,” he said.</p>
<p>The rand later recovered some ground on Monday was flat in the morning session on Tuesday.</p>
<p>Additional reporting by Nomvelo Chalumbira and Ed Stoddard in Johannesburg; Editing by Andrew Heavens; Writing by James Macharia</p>


South Africa’s finance minister to be investigated by country’s anti-graft body, what you need to know

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<p>Finance Minister Nhanhla Nene’s capacity to hold office has been brought into question. President Cyril Ramaphosa is facing the prospect of letting go of the minister he had appointed. There are reports that Nene offered his resignation earlier today. The ramifications of a minister change two weeks before the Mid-term budget speech is concerning for foreign investors who seem to have long lost confidence in the South African markets. CNBC Africa&#8217;s Busisiwe Lethole went to the streets of Sandton to get a reaction form South Africans on the rumoured resignation.</p>


What South Africans think about finmin Nene’s rumoured resignation

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<p>The rand is losing strength due to media reports of a possible resignation of South African Finance Minister Nhlanhla Nene. Bond markets aren&#8217;t painting a pretty picture either; yields on treasuries have reached a seven year high. Jan Sluis-Cremer, Foreign Exchange and Money Market Sales Desk at RMB, joins CNBC Africa for more.</p>


Rand weaker on #NhlanhlaNene resignation fears

<p>JOHANNESBURG (Reuters) &#8211; South African Finance Minister Nhlanhla Nene has asked President Cyril Ramaphosa to remove him after he admitted to visiting the home of the Gupta brothers, friends of scandal-plagued former leader Jacob Zuma, Business Day said on Monday, sending the rand lower.</p>
<p>Nene has become a divisive figure after testimony he gave at an inquiry into allegations of corruption by the Guptas, in which he admitted to the previously undisclosed visits. He made a public apology about the matter on Friday.</p>
<p>Zuma and the Guptas, who face numerous allegations of using their friendship for mutual self-enrichment, have consistently denied any wrongdoing.</p>
<p>Business Day cited unidentified government sources as saying that Nene made the request to Ramaphosa at the weekend. Nene did not answer calls for comment.</p>
<p>“Government sources said Nene approached Ramaphosa after the highly negative public reaction to his apology to South Africans on Friday for the meetings with the Gupta family when he served under Zuma,” the South African newspaper said.</p>
<p>It said the issue was likely to be raised at a meeting of the ruling African National Congress party later on Monday.</p>
<p>The rand fell more than one percent on the report.</p>
<p>Treasury spokesman Jabulani Sikhakhane referred Reuters to the presidency for comment. Ramaphosa’s spokeswoman Khusela Diko did not respond to phone calls.</p>
<p>Nene is a key ally of Ramaphosa, who reappointed him finance minister in a cabinet reshuffle shortly after he became president earlier this year.</p>
<p>Ramaphosa has made clean governance and the kick-starting of an economy mired in recession top priorities.</p>
<p>Several ministers and government officials have been implicated in the widening graft scandals around the Guptas.</p>
<p>One common theme that has emerged is visits to the family’s sprawling Johannesburg property, which is why there has been public anger regarding Nene’s revelations.</p>
<p>Nene has also been praised by commentators for standing up to Zuma.</p>
<p>He told the inquiry he was fired by Zuma in December 2015 for blocking deals that would have benefited the Guptas, particularly a $100 billion nuclear power deal with Russia that could have crippled Africa’s most developed economy.</p>
<p>But Nene’s opponents say he was involved in corrupt deals with the Guptas when he was deputy finance minister and head of the state pension fund. He denies ever helping the Guptas.</p>
<p>Opposition parties have called for his resignation.</p>
<p>Reporting by Ed Stoddard, Alexander Winning and Olivia Kumwenda-Mtambo; Editing by Joe Brock</p>


Rand drops as South Africa’s finance minister asks Ramaphosa to remove him

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<p>The rand is losing strength due to media reports of a possible resignation of South African Finance Minister Nhlanhla Nene. Political Analyst Ralph Mathekga joins CNBC Africa for more.</p>


Why Nene cannot be trusted as finance minister – Ralph Mathekga

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<p>Finance Minister Nhlanhla Nene has apologised to South Africans for meeting the controversial Gupta family between 2009 and 2014. Over and above the meetings, it was also reported that a business partner of Nene&#8217;s son had scored millions of rand in a questionable investment by the Public Investment Corporation in Mozambique. In his statement, Nene called on anyone with evidence to hand it to the commission of inquiry into state capture. CNBC Africa&#8217;s Karabo Letlhatlha shares more insight.</p>


SA FinMin Nene apologises for Gupta meetings

<p>JOHANNESBURG (Reuters) &#8211; South Africa’s Finance Minister Nhlanhla Nene said on Wednesday he was fired by former president Jacob Zuma for refusing to approve contracts that would financially benefit the Gupta family, friends of Zuma accused of corruption.</p>
<p>Nene, who was giving testimony at a judicial inquiry into influence-peddling, said the main reason he was he was sacked was for rejecting a proposed plan to build a fleet of nuclear power plants. The project could have cost up to $100 billion.</p>
<p>Zuma and the Gupta family deny allegations they colluded to inappropriately divert state funds.</p>
<p>Reporting by Mfuneko Toyana; Writing by Joe Brock; Editing by Toby Chopra</p>


#StateCaptureInquiry: Zuma fired me for refusing to approve Gupta deals – Nhlanhla Nene

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<p>South African President Cyril Ramaphosa announced the specifics of the government’s stimulus package in hopes of showing immediate growth in the local economy. CNBC Africa&#8217;s Karabo Letlhatlha spoke to Nedbank Economist, Dennis Dykes.</p>


SA business reacts to president Ramaphosa’s economic rescue plan

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<p>South African President Cyril Ramaphosa announced the specifics of the government’s stimulus package in hopes of showing immediate growth in the local economy. On agricultural stimulation, CNBC Africa&#8217;s Karabo Letlhatlha spoke to the Minister of Economic Development Ebrahim Patel.</p>


Minister Patel speaks on the cost of state capture, corruption to economic growth

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<p>South African Finance Minister Nhlanhla Nene gives more details about the #stimuluspackage unveiled by President Cyril Ramaphosa as part of measures to get the country out recession.</p>


SA FinMin Nene sheds more light on the #stimuluspackage

<p>JOHANNESBURG (Reuters) &#8211; South Africa’s tax take could well be lower than forecast this year, with a downturn in the economy exacerbating problems at the tax revenue service, Finance Minister Nhlanhla Nene said on Monday.</p>
<p>The country entered recession in the second quarter for the first time since 2009.</p>
<p>Nene said tax avoidance and evasion would rise in any economy that was growing slowly and where taxes have been increased, and the recession would only worsen matters.</p>
<p>“There is now additional downside risk to the tax revenue projected at the beginning of the year because of the contraction in the economy,” Nene told a tax conference.</p>
<p>“Fixing our economy to ensure that it grows faster and in a more sustainable manner is therefore critical.”</p>
<p>Nene also cited problems experienced by the South African revenue service (SARS).</p>
<p>President Cyril Ramaphosa suspended its commissioner Tom Moyane in March over alleged misconduct during the previous administration of Jacob Zuma, establishing an inquiry into the allegations two months later. Moyane has denied wrongdoing.</p>
<p>Reporting by Mfuneko Toyana; Writing by James Macharia; editing by John Stonestreet</p>


Nhlanhla Nene

“It must be like trying to fix a plane when you are flying it” why former finance minister Nene doesn’t envy those in power fighting COVID-19.

S&P reacts to Tito Mboweni’s appointment as finmin

SARB’s expectations ahead of Moody’s announcement

Lesetja Kganyago on Mboweni’s appointment, expectations for Moody’s review

Ramaphosa accepts Nene resignation, appoints Tito Mboweni as new Finance Minister

Tito Mboweni sworn in as new South Africa finance minister

South Africa’s finance minister to be investigated by country’s anti-graft body, what you need to know

What South Africans think about finmin Nene’s rumoured resignation

Rand weaker on #NhlanhlaNene resignation fears

Rand drops as South Africa’s finance minister asks Ramaphosa to remove him

Why Nene cannot be trusted as finance minister – Ralph Mathekga

SA FinMin Nene apologises for Gupta meetings

#StateCaptureInquiry: Zuma fired me for refusing to approve Gupta deals – Nhlanhla Nene

SA business reacts to president Ramaphosa’s economic rescue plan

Minister Patel speaks on the cost of state capture, corruption to economic growth

SA FinMin Nene sheds more light on the #stimuluspackage

South Africa’s Finance Minister says tax target could be lower than expected, here’s why

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Nhlanhla Nene

“It must be like trying to fix a plane when you are flying it” why former finance minister Nene doesn’t envy those in power fighting COVID-19.

S&P reacts to Tito Mboweni’s appointment as finmin

SARB’s expectations ahead of Moody’s announcement

Lesetja Kganyago on Mboweni’s appointment, expectations for Moody’s review

Ramaphosa accepts Nene resignation, appoints Tito Mboweni as new Finance Minister

Tito Mboweni sworn in as new South Africa finance minister

South Africa’s finance minister to be investigated by country’s anti-graft body, what you need to know

What South Africans think about finmin Nene’s rumoured resignation

Rand weaker on #NhlanhlaNene resignation fears

Rand drops as South Africa’s finance minister asks Ramaphosa to remove him

Why Nene cannot be trusted as finance minister – Ralph Mathekga

SA FinMin Nene apologises for Gupta meetings

#StateCaptureInquiry: Zuma fired me for refusing to approve Gupta deals – Nhlanhla Nene

SA business reacts to president Ramaphosa’s economic rescue plan

Minister Patel speaks on the cost of state capture, corruption to economic growth

SA FinMin Nene sheds more light on the #stimuluspackage

South Africa’s Finance Minister says tax target could be lower than expected, here’s why

News Tips

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