- President Ramaphosa accepted Nhlanhla Nene's resignation and replace him with Tito Mboweni
- Mboweni comes with a lot of experience and respect and could steer SA in the right direction
- The appointment of Mboweni already affected SA positively as the rand strengthened after he became finance minister
Tito Mboweni is seen as a man of dignity and the markets love him. But what does his appointment mean for South Africa?
According to financial experts, Mboweni's appointment to finance minister is to be taken positively by markets.
This could put South Africa in a good place for steady growth.
Mboweni has great experience and his confidence will be able to take on the economic situation.
While no one should expect miracles from Mboweni within his first few days, it is believed he will deliver greatly in the long term.
BusinessTech reports that Mboweni's loyalty to Ramaphosa will benefit the president and his influence.
Already, South Africa has seen a positive reaction when the rand strengthened against the dollar by 2%. The rand weakened after Nene's testimony at the state capture inquiry but Mboweni taking over impacted it positively, as reported on by Briefly.co.za.
Victoria Reuvers, Director and Senior Investment Consultant at Morningstar also feels very positive about Mboweni's appointment.
She says his appointment is well-considered because he is respected by investors locally as well as globally.
Mboweni understands the challenges that he will now have to face is expected to rise to the challenge.