The new Finance Minister, Nhlanhla Nene Photo: Joshua Roberts
JOHANNESBURG - President Cyril Ramaphosa announced his new cabinet on Monday night, including the return of Nhlanhla Nene as Finance Minister.

Ramaphosa announced that Nene will be replacing Malusi Gigaba, who is now the minister of Home Affairs.

Mondli Gungubele was announced as the new deputy minister of finance.


Nhlanhla Nene served as Finance Minister between 2014 to 2015 and was subsequently axed by former president Jacob Zuma in favour of MP David van Rooyen.


Zuma allegedly promised Nene “another strategic position” which would be “announced in due course’.

However, nothing came of this and Zuma later nominated Nene as head of the African regional centre of the BRICS bank.

Similarly, this job also did not materialise which led Nene to the private sector, exiting parliament in 2016.


Nene held various titles, including Co-Chairperson on the Portfolio Committee on Finance from 2005-2008 and Director of the 2010 Fifa World Cup Local Organising Committee.

On Tuesday, Ramaphosa responded to calls from opposition benches that he fire members of the Cabinet he inherited from Zuma. A number of cabinet ministers have been implicated in the looting of state resources by families close to Zuma.

At the time, the President said if there is a cabinet reshuffle, it won't be done at the behest of the opposition.

The Deputy President of the African National Congress (ANC), David Mabuza was also announced as the new Deputy President of South Africa. 

- BUSINESS REPORT ONLINE