On Tuesday afternoon, President Cyril Ramaphosa named Tito Mboweni as Nhlanhla Nene's replacement.
Briefly.co.za learned the South African head of state sworn in Mboweni as the new finance minister on 9 October.
Taking to social media, the South African Government News shared the news of the former Reserve Bank Governor's appointment as the finance minister.
Before making the announcement, Ramaphosa revealed Nene resigned as the Finance Minister on Tuesday morning.
"#NhlanhlaNene President @CyrilRamaphosa arrives for the briefing, says Nene submitted a letter of resignation this morning. He has decided to accept his resignation in the spirit of good governance," another post read.
President Cyril Ramaphosa's announcement followed increasing pressure on him to axe Nene as the finance minister following his testimony in the state capture inquiry.
Nene received a lot of backlash after he revealed he met with the controversial Gupta family several times under Zuma's reign.
The backlash resulted on Nene asking Ramaphosa to remove him as the minister of finance. As Briefly.co.za reported previously, Nene's request came as he was under public and political pressure since his testimony at the Zondo Commission.
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