Tito Mboweni Will Serve As Finance Minister
President Cyril Ramaphosa recently announced his somewhat reduced cabinet. The Cabinet which will now consist of 28 rather than 36 members includes Tito Mboweni as Finance Minister. This coincides with the merging of a number of ministries including Economic Development with Trade & Industry.
Mr Mboweni has been serving as Minister of Finance since October 2018 and will now continue in this position.
The move is seen as something that will reassure investors and international Rating agencies that there is a consistent economic policy in place and will not rock the boat. Mboweni is a big proponent of reducing Government spending and even selling off of some state-owned entities.
The announcement saw the Rand firm against currencies such as the US Dollar.