President Cyril Ramaphosa appointed Tito Mboweni as the new Finance Minister of South Africa. Picture: Phando Jikelo/African News Agency(ANA)

Cape Town - The African National Congress (ANC) has congratulated Tito Mboweni on his appointment as the new Minister of Finance.

The appointment, according to ANC, signals the "return to government of a highly accomplished leader and executive as well as a renowned stalwart of our liberation movement." 

The ruling party praised President Cyril Ramaphosa's "bold and timely" decision to accept Nhlanhla Nene's resignation as Finance Minister and commended Nene for the commitment "to the well-being of the country,".
President Cyril Ramaphosa on Tuesday appointed Mboweni, a former Reserve Bank governor and labour minister, as finance minister, replacing Nhlanhla Nene who admitted to having meetings with the Gupta family, who are at the centre of alleged corruption.

Nene faced calls to resign after he admitted visiting the Gupta brothers, friends of scandal-plagued former president Jacob Zuma who have been accused of high-level influence-peddling, and failing to disclose the meetings earlier.

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IOL and African News Agency