'Tito Mboweni, Sha Sha': Twitter welcomes new finance minister

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Reaction on the appointment of Tito Mboweni as the new Finance Minister, after the resignation of Nhlanhla Nene continues to pour in.

Ramaphosa made the announcement from Tuynhuys in Parliament.

His resignation was made in "the interests of good governance", said Ramaphosa.

Alluding to Nene's refusal to give the green light to the Russian nuclear deal, which was being pushed through by former president Jacob Zuma and which would have indebted South Africa to the European state for years to come, Ramaphosa praised Nene saying: "He served our people under very hard circumstances and often coming under pressure but he consistently defended the cause of proper financial management and clean governance".

"Under hard circumstances and often under great pressure‚ he consistently defended the cause of proper financial management and clean governance".

Mr Ramaphosa said that he...

Ramaphosa added that anyone testifying before the commission of inquiry into state capture should do so "honestly" and that those involved in state capture need to be identified.

Commenting on the state capture inquiry, Ramaphosa said it was critical that the commission had the means and opportunity to effectively fulfil its mandate. "In this process no person should be above scrutiny and no person should be above the law", Ramaphosa said.

The meetings took place at the family's Saxonwold compound in Johannesburg, and the Gupta-owned Sahara Computers headquarters in Midrand.

Weekend reports indicated that Nene's future as finance minister was on shaky ground following his admission to the meetings, with some claiming Gauteng finance MEC Barbara Creecy could be his replacement.

I am human too, and I make mistakes. He has in the past denied any wrongdoing connected to investments by the Public Investment Corporation fund. Nene denied the claims.

On the face of it a finance minister talking to top business people may seem normal, but the Guptas have been accused of using meetings, in their residence in a posh suburb of Johannesburg, to influence political decisions.

The Gupta family, who are Indian expatriates, are accused of working with former President Jacob Zuma. They fled the country after Mr. Zuma's resignation in February and now live in Dubai.

The ANC forced Zuma to quit as president in February after nearly nine years in office, clearing the way for his 65-year-old deputy and party leader Ramaphosa to take over.