Newly appointed South African Finance Minister Tito Mboweni is sworn in, in Cape Town. Picture: Sumaya Hisham/Reuters
Newly appointed South African Finance Minister Tito Mboweni is sworn in, in Cape Town. Picture: Sumaya Hisham/Reuters
Cape Town-181009- Tito Mboweni sworn in by Judge Pearl as the as the new Finance Minister of South Africa .Photographer:Phando Jikelo/African News Agency(ANA)
Cape Town-181009- Tito Mboweni sworn in by Judge Pearl as the as the new Finance Minister of South Africa .Photographer:Phando Jikelo/African News Agency(ANA)
Cape Town-181009- Tito Mboweni sworn in by Judge Pearl as the as the new Finance Minister of South Africa. Photographer:Phando Jikelo/African News Agency(ANA)
Cape Town-181009- Tito Mboweni sworn in by Judge Pearl as the as the new Finance Minister of South Africa. Photographer:Phando Jikelo/African News Agency(ANA)
Cape Town-181009-President Cyril Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa .Photographer:Phando Jikelo/African News Agency(ANA)
Cape Town-181009-President Cyril Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa .Photographer:Phando Jikelo/African News Agency(ANA)
President Cyril Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa on Tuesday. PHOTO: Phando Jikelo/African News Agency (ANA)
President Cyril Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa on Tuesday. PHOTO: Phando Jikelo/African News Agency (ANA)
Cape Town-181009- Tito Mboweni sworn in by Judge Pearl as the as the new Finance Minister of South Africa .Photographer:Phando Jikelo/African News Agency(ANA)
Cape Town-181009- Tito Mboweni sworn in by Judge Pearl as the as the new Finance Minister of South Africa .Photographer:Phando Jikelo/African News Agency(ANA)
Cape Town-181009- Tito Mboweni sworn in by Judge Pearl as the as the new Finance Minister of South Africa .Photographer:Phando Jikelo/African News Agency(ANA)
Cape Town-181009- Tito Mboweni sworn in by Judge Pearl as the as the new Finance Minister of South Africa .Photographer:Phando Jikelo/African News Agency(ANA)
JOHANNESBURG - South African president Cyril Ramaphosa announced on Tuesday afternoon that he accepted Nhlanhla Nene's request to step down as the country's finance minister. 

Ramaphosa made the announcement at the Tuynhuys Media Centre in Cape Town on Tuesday afternoon, after two days of heavy speculation in the media that Nene requested to step down as the finance minister. 

Ramaphosa said during the media briefing, "Minister Nene submitted a letter of resignation to me this morning, asking for him to be relieved as the finance minister of South Africa. In the interest of good governance, I have accepted his resignation. Nene served our people under difficult circumstances. It is a measure of Nene's character and commitment to the country that he has taken this decision." 

President Cyril Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa on Tuesday. PHOTO: Phando Jikelo/African News Agency (ANA)
Ramaphosa announced that former SA Reserve Bank governor, Tito Mboweni will replace  Nene.

After he was sworn in as finance minister at Tuynhuis, Ramaphosa shook his hand and quipped: "You can now get ready for your first Cabinet meeting tomorrow (Wednesday) morning."

Mboweni said Ramaphosa called him at around 9pm on Monday night to inform him about the appointment.

Mboweni, who was sworn into office, did not want to be drawn on what his priorities were as minister. One of his first tasks will be delivering the medium-term budget this month.

WATCH: The moment Tito Mboweni was announced as South Africa's new Finance Minister by President Cyril Ramaphosa: 

BUSINESS REPORT ONLINE