Cabinet Reshuffle, Cyril Ramaphosa, Enoch Godongwana, National Treasury, Tito Mboweni

Cabinet Reshuffle, Cyril Ramaphosa

CABINET RESHUFFLE: The ‘Duke of Magoebaskloof’ steps down, paving the way for Enoch Godongwana to become finance minister

Godongwana is currently the board chair of the Development Bank of Southern Africa, a state-owned development finance institution, and was previously the deputy minister of public enterprises.

2021-08-06 01:17:00 AM

Godongwana is currently the board chair of the Development Bank of Southern Africa, a state-owned development finance institution, and was previously the deputy minister of public enterprises.

Godongwana is currently the board chair of the Development Bank of Southern Africa, a state-owned development finance institution, and was previously the deputy minister of public enterprises.

Godongwana is a fresh face in Cabinet but considered an old hand in politics. In the ANC, he has led efforts to draft economic policies of the governing party—especially after Ramaphosa was elected as the party’s president in 2017. Godongwana is one of the long-serving members of the ANC’s National Executive Committee.

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After Ramaphosa was elected as ANC president, Godongwana was a big backer of the prescribed assets-like policy. He believes that SA’s asset management industry, which includes pension funds, insurers and other investors, is sitting on more than R6-trillion under management. Some of these funds, he once told the

Sunday Times, should be lent to the state to fund its infrastructure projects/investments.Godongwana has also served in various arms of the state. He served as the first economic affairs and later finance MEC in the Eastern Cape under the late premier Makhenkesi Stofile, and was later appointed as the deputy minister of public enterprises. He is also known in trade union circles. Godongwana was the general secretary of the National Union of Metalworkers of South Africa from 1994 to 1997. He also had a stint as the head of economic policy at labour federation Cosatu.

Godongwana has big shoes to fill as the new finance minister and head of the National Treasury.Mboweni joined the Cabinet in October 2018 after the sudden resignation of Nhlanhla Nene, who admitted to meeting members of the Gupta family. The Gupta family have been accused of high-level corruption, which they have denied. Mboweni has repeated his reluctance to serve as finance minister, expressing his eagerness to retire to his farm in Limpopo. He is colloquially referred to as the “Duke of Magoebaskloof”.

Mboweni is widely regarded as a trusted hand by the investment community and a voice of reason when it comes to fiscal prudence. He has resisted calls for billions of rands to be thrown to unproductive state-owned entities and to compensate 1.3 million public servants with inflation-busting salary increases.

About Mboweni’s tenure as finance minister, Ramaphosa said: “he has effectively and ably steered National Treasury through extremely difficult economic times, providing stability and instilling confidence”.Godongwana is now tasked with helping South Africa avoid a debt crisis and to help the country recover from being graded as junk status by the three major credit rating agencies.

Ramaphosa and Mantashe have been on opposite sides when it comes to reforms in the energy sector. In June, when load shedding intensified to Stage 3 and posed more threats to the battered economy, Ramaphosa twisted Mantashe’s arm to lift thethreshold for companies to produce their own electricity without a licence to 100MW. Ramaphosa’s move was a surprise move because Mantashe had set the threshold at 35MW.

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Embedded generation — which involves companies producing electricity for their own use or for supply to others —isregarded by energy experts and big business as the quickest way to bring more megawatts into the national grid, helping to ease pressure on Eskom, which provides more than 90% of SA’s energy needs.

In other areas, Ramaphosa’s announcement was akin to the shuffling of deck chairs.Stella Ndabeni-Abrahams, the former minister of communications and digital technologies, has been moved to the Ministry of Small Business Development.Ndabeni-Abrahams is widely regarded as having delayed the implementation of a crucial structural reform proposal identified by Ramaphosa: the release of more radio frequency spectrum. This progress is caught up in legal delays as MTN and Telkom are challenging the auction process of spectrum by the

Independent Communications Authority of South Africa, saying it will be unfair to smaller mobile operators. Read more: Daily Maverick »

eNCA Entrepreneurship Friday | 17 September 2021

From doing fresh fades on his stoep to opening his 50th store. Legends Barbershop was started in 2011 but its growth in the market took off in 2014.\u003Cbr /\u003E\r\nSheldon Tatchell took a stab in starting the country’s most talked-about barbershop. And what\u0026#039;s great is that he has not kept his talent to himself.\u003Cbr /\u003E\r\nLegends has a training platform for budding barbers looking to enter the industry.


Cabinet reshuffle: Godongwana to replace Mboweni as finance minister | CitypressPresident Cyril Ramaphosa last night reshuffled his Cabinet, replacing current Finance Minister Tito Mboweni with Enoch Godongwana , a former deputy minister of public enterprises. This is likely to not end well. Bad news for the fight against corruption, at least lucky star's shenanigans were not yet in the public domain unlike this one. Yahamba imali 🙆‍♀️

Tito Mboweni is no longer finance minister as Ramaphosa lets him leave Tito Mboweni is no longer SA's finance minister, and will be replaced by Enoch Godongwana . Good riddance Asbonge💃💃💃 now he can focus on his rotten tomatoes and cucumbers 😏 How is the Rand doing

Cabinet reshuffle: Rumours rife that Godongwana will replace MboweniHe is one of the longest serving members of the ANC NEC and was believed to be influential in driving the economic direction of the Ramaphosa-led ANC. Rubbish Mboweni is useless It has taken so long. I often wondered whether the president was aware of the people in his cabinet. Most of them seem so useless.

The ins and outs of Ramaphosa's Cabinet reshufflePresident Cyril Ramaphosa on Thursday announced a Cabinet reshuffle, which included two resignations from Zweli Mkhize as Health Minister and Tito Mboweni as Finance Minister. Sometimes, life pushes you to do what you never wanted to do. I never wanted to venture into trading bitcoin but I had no choice with the tough situation in life than doing it with Albert_Kason and it was awesome and unbelievable with the massive cash out.🚀🚀💰💰

SUMMARY: Ramaphosa names new ministers in Cabinet reshufflePresident Cyril Ramaphosa announced new ministerial positions and a restructured national executive on Thursday. Lets face reality; State security cluster Ministers fails the state, How on earth do you redeploy such Ministers instead of firing them all Police Minister being untouched does that mean his ministry was failed by Intelligence and defense ministers in the past unrests So the question is how many new positions has he created for an already over inflated cabinet for the VoetsekANC in the presidency to loot and be thugs to nation ? Did somebody say new What a load of bs

Ramaphosa scraps state security, announces new finance minister and fires Mapisa-NqakulaThe much-anticipated announcement of changes to President Cyril Ramaphosa 's cabinet comes amid news that Dr Zweli Mkhize resigned. So sorry to say goodbye to Tito Mboweni He didn’t reshuffle shit. 1 thief resigned, the other called it quits. The cadres that could hurt his re-election are still in position! Nobody in life gets exactly what they thought they were going to get but with your help, many had been able to achieve their dreams and I am included. Thank you so much Albert_Kason