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CABINET RESHUFFLE: The ‘Duke of Magoebaskloof’ steps down, paving the way for Enoch Godongwana to become finance minister

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Godongwana is currently the board chair of the Development Bank of Southern Africa, a state-owned development finance institution, and was previously the deputy minister of public enterprises.

Ramaphosa said he had accepted a “long-standing request” by Mboweni “to be excused from his position as minister of finance”.

Mboweni is widely regarded as a trusted hand by the investment community and a voice of reason when it comes to fiscal prudence. He has resisted calls for billions of rands to be thrown to unproductive state-owned entities and to compensate 1.3 million public servants with inflation-busting salary increases.

Ramaphosa and Mantashe have been on opposite sides when it comes to reforms in the energy sector. In June, when load shedding intensified to Stage 3 and posed more threats to the battered economy, Ramaphosa twisted Mantashe’s arm to lift the

 

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