Publication Date: 09/10/2018

The Banking Association South Africa (BASA) welcomes the appointment of Tito Mboweni as Minister of Finance.

The association worked closely with him during his tenure as Governor of the South African Reserve Bank (SARB). We are confident that he has the skills and experience to manage the fiscus and help the economy to recover, in these challenging times.

He will have to win and maintain the confidence of the financial markets as well as the business and investor communities, while facilitating inclusive economic growth, job creation and social development. As a former labour minister, he will understand that addressing the challenges of unemployment, poverty and inequality, are as important as maintaining fiscal discipline and the stability of the financial system.

Minister Mboweni will have to focus on working with his colleagues to ensure a stable and coherent regulatory and policy environment, to give business confidence to invest in the real economy.

We extend our appreciation to former finance minister, Nhlanhla Nene, for leading by example and submitting his resignation once it was revealed that he had not been open about his meetings with those accused of state capture.

We hope that others in the Cabinet, who have been found guilty of being dishonest or lying, will recognise the necessity for honest, courageous leaders in government, and show the same moral fibre as former minister Nene. Failing this, we urge the president to act decisively to give South Africa a Cabinet of honest, competent men and women.