Finance Minister Nhlanhla Nene

CAPE TOWN – There is nothing stopping Finance Minister Nhlanhla Nene from resigning from his position and he should do just that. 

This is according to Professor Jannie Rossouw, head of the School of Economic and Business Sciences at Wits University, who said the minister had lied in terms of his relationship and meetings with the Gupta family and he has been caught out.

“So he is not fit to continue serving as Minister of Finance. Nene didn’t make the disclosure of the Gupta meetings out of the goodness of his heart. 

“He simply made them because he was squeezed by the EFF. The EFF said they had information on Nene that will be disclosed if he doesn’t disclose it himself. Mr Nene was really squeezed into disclosure,” said Professor Rossouw.

Professor Rossouw, in a brief telephonic interview, also said in his view SA Reserve Bank Governor Lesetja Kganyago would be the most suitable candidate as the next Minister of Finance. “Also because there is considerable management debt at the central bank which one of his deputies Daniel Mminele can easily take over as governor from Kganyago.” 

Asked about Barbara Creecy, who has also been touted as the next Finance Minister in various media reports Professor Rossouw sais Creece was very capable “and likewise there is no reason Mcebisi Jonas cannot be recalled to the position”.

With the Medium-term Budget Policy Statement just around the corner the timing of Finance Minister Nhlanhla Nene’s request to resign is not ideal, according to analysts. 

TreasuryONE director and head of dealing, Wichard Cilliers, said on Monday that South Africa needed stability in order to sort out the ailing fiscus. “The ANC is very much still reeling from the maladministration caused by our previous president. The ANC has still got plenty of work ahead of them.”