Finance Minister Malusi Gigaba

Pretoria - Finance Minister Malusi Gigaba has confirmed the axing of former South African Reserve Bank Governor Tito Mboweni as a board member of the Brics Bank.
Gigaba also said on Friday his deputy Sifiso Buthelezi will join the Bank as the alternate governor.
The minister’s confirmation comes a week after Mboweni complained on social media that he was fired by the government.
But in a statement the National Treasury said Mboweni’s term of two years as a board member of the Brics Bank had expired.
The former governor wrote on Facebook that despite his contract expiring at the beginning of last month, it was a renewable contract and the government did not renew it.
National Treasury said its Director-General Dondo Mogajane will take over the position held by Mboweni at the Bank.
“The nomination of Mr Mogajane by the Minister of Finance Malusi Gigaba and subsequent appointment will ensure that no additional costs are incurred further by government in remunerating an appointment from outside of public service while also enhancing strategic alignment and collaboration between the government of South Africa and the Bank,” said the National Treasury.
The Treasury said Mboweni’s contract was for two years and it ended last month. It added that the appointment of Mogajane, Buthelezi and Treasury’s Deputy Director-General Monale Ratsoma as an alternate board member was in line with the practice of other Brics member states to appoint government officials in the Bank.
Buthelezi will serve in the Bank as the alternate governor of the institution.
Mboweni has been outspoken in recent times and when Public Protector Busisiwe Mkhwebane released her report in June recommending the SARB powers be clipped by Parliament Mboweni warned against this.
Mkhwebane has since changed her position and did not contest the application of the SARB on her recommendation.
Mboweni had said the SARB’s independence must be protected as it is done in many other countries. This was critical for the market and financial stability in the country.
President Jacob Zuma will next week Thursday formally open the Brics regional office in Joburg.
When he fired Nhlanhla Nene as Finance Minister in December 2015 Zuma said he will head the Brics regional bank, but Nene never got the job.
The former finance minister has since joined the private sector. The regional office will provide funding for projects on the African continent.
Some of the State-Owned Entities have already gone to the Brics regional centre to ask for funding for their multi-billion rand projects.