Cabinet reshuffle brings changes to economic portfolio

Tuesday, February 27, 2018

President Cyril Ramaphosa has announced a Cabinet reshuffle that will see a change in the economic portfolio.

In his new Cabinet announced on Monday night, President Ramaphosa announced Nhlanhla Nene as the new Finance Minister. The President said Nene would assume the post after being sworn-in in Parliament.

However, Nene is no stranger to the Finance Portfolio, having served as Minister in former President Jacob Zuma’s Cabinet from 26 May 2014 until 9 December 2015.

Minister Nene takes over the reins of the finance portfolio shortly after last Wednesday’s tabling of the 2018 Budget Speech, which saw the raising of Value Added Tax (VAT) by a percentage point to 15%.

He had also previously served as Deputy Minister from 5 November 2008 and was reappointed to the position from 11 May 2009 to 25 May 2014.

The Minister has also been the co-chairperson of the Joint Budget Committee from October 2002 to August 2005, and chairperson of the Portfolio Committee on Finance from August 2002 to 4 November 2008. He was a member of the local organising for the FIFA 2010 World Cup.

Minister Nene will take over from Minister Malusi Gigaba, who has been moved to Home Affairs.

Meanwhile, the Minister will be assisted by incoming Deputy Minister Mondli Gungubele.

Deputy Minister Gungubele is a former Mayor of Ekurhuleni Municipality. He has also headed the Economic Affairs Portfolio Committee in the Gauteng provincial legislature (2004 - 2007). He also previously served as MEC for Sport, Recreation, Arts & Culture (1999-2004), MEC for Health (1997-1999) and MEC for Social Development and Community Services (1994 - 1997) in Gauteng province.

Public Enterprises 

The economic portfolio has also gained a new Minister in the Public Enterprises Portfolio with the appointment of Pravin Gordhan.

President Ramaphosa on Monday night announced the appointment of Gordhan, who had previously served as Finance Minister prior to former President Zuma’s March 2017 Cabinet reshuffle.

He previously served as Minister of Finance from 11 May 2009 until 25 May 2014, then moved to become Minister of Cooperative Governance and Traditional Affairs from 26 May 2014 until 13 December 2015.

He briefly returned to the finance portfolio in December 2015 until 30 March 2017.

Minister Gordhan takes over the Public Enterprises portfolio that has among the biggest State-owned companies in the country such as Transnet and Eskom, from former Minister Lynne Brown.

Energy

Meanwhile, Minister Jeff Radebe will take over the portfolio of Energy from former Minister David Mahlobo.

Minister Radebe has previously served as the Minister in The Presidency Planning, Monitoring and Evaluation from 26 May 2014 until 26 February 2018.

He has been a member of the National Executive Committee (NEC) of the African National Congress (ANC) and a member of the National Working Committee (NWC) of the ANC since 1991.

He is also the head of the ANC Policy Unit and serves as a member of the SACP Central Committee.

Minister Radebe served in South Africa’s first Cabinet under President Nelson Mandela as Minister of Public from 1994 to 16 June 1999. - SAnews.gov.za

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