South African finance minister Nhlanhla Nene quits – replaced by Tito Mboweni

President Cyril Ramaphosa has announced the appointment of a new finance minister today after confirming the resignation of Nhlanhla Nene.

Nene will be replaced by Tito Mboweni, who previously held the post of governor of the SARB.

After leaving the central bank, Mboweni acted as an adviser in South Africa for Goldman Sachs and served as chairman of AngloGold Ashanti.

Last week, Nene confessed to meeting with members of the Gupta family six times at their residence, after previously denying these meetings.

He apologised for his actions and handed his letter of resignation to Ramaphosa this morning.

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South African finance minister Nhlanhla Nene quits – replaced by Tito Mboweni