Ramaphosa halts search for a back-up finance minister in case Mboweni decided to quit

Ruben Onsu

Finance Minister Tito Mboweni delivers the much anticipated 2020 Budget Speech and related Bills in the National Assembly, Cape Town. Picture: Elmond Jiyane/GCIS

  • President Cyril Ramaphosa was looking for a back-up option for finance minister in case Tito Mboweni resigned, but abandoned that search because he couldn’t find a suitable alternative
  • The two most favored candidates were Reserve Bank Governor Lesetja Kganyago and former Deputy Finance Minister Mcebisi Jonas
  • Replacing Mboweni with an official less respected in capital markets would be a risk for Ramaphosa as the economy struggles to recover from what’s estimated to be its worst annual
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Denel finance chief quits | Fin24

Ruben Onsu

Denel se kantoor in Pretoria. Foto: Reuters

 South African state-owned defence company Denel said on Monday that Chief Financial Officer Carmen le Grange had resigned, extending a recent string of resignations that have deepened a crisis at the struggling firm.

Last week, Fin24 reported that the company’s chief operating officer William Hlakoane was appointed interim CEO after Talib Sadik’s contract came to an end. Sadik was appointed interim CEO in August, after the previous CEO, Danie du Toit, resigned – having spent under two years in the position. 

“The Board wishes to thank Ms le Grange for her valuable

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SA’s finance minister warns a third wave of Covid-19 could hurt country’s ratings

Ruben Onsu

South Africa’s finance minister said on Thursday that a third wave of the coronavirus could destabilise the government’s efforts to control its finances and avoid a further downgrade of the country’s sovereign rating.

Two of the top three rating agencies – Moody’s and Fitch – downgraded South Africa’s sovereign rating further into junk in November on concerns of rising debt levels and the government’s ability to raise revenues and pay off debt amid the economic shock inflicted by the pandemic.


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Finance sector bill will futureproof SA’s banks, Treasury tells Parly

Ruben Onsu

Ismail Momoniat, deputy director-general of Treasury PHOTO: Mary-Ann Palmer

  • Consumers need to be protected from the fallout of financial disasters, Parliament heard.
  • Deputy director general of tax and financial sector policy Ismail Momoniat said that the Financial Sector Laws Amendment Bill would bolster legislation to protect consumers and the banking sector.
  • National Treasury director for financial stability Vukile Davidson said the legislation would bring South Africa in line with other economies of the G20.

Proposed legislation aimed at tightening banking regulation will be a critical part of helping SA weather the fallout of the Covid-19 pandemic, National Treasury told

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Finance regulator issues Bitcoin investment warning to South Africans

Ruben Onsu

The Financial Sector Conduct Authority (FSCA) has warned South Africans against investing in cryptocurrency schemes that could see them lose their savings.

It said there has been a sharp increase in cryptocurrency-related investment losses in the past few months and urged South African investors to use caution when buying digital assets.

“The Financial Sector Conduct Authority (FSCA) has noted with concern the increasing volume of crypto assets (cryptos) related losses suffered by financial consumers in the past three months,” the FSCA said.

“The FSCA urges the public to be extremely cautious and vigilant when dealing with cryptos for any financial

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Covid-19 cost Western Cape government R1bn per wave – Finance MEC

Ruben Onsu

David Maynier, Western Cape MEC for Finance and Economic Opportunities. Photo: Malherbe Nienaber

  • The Western Cape government has a R2.17 billion “war chest” to defeat Covid-19 in the province.  
  • Finance MEC David Maynier revealed during his budget speech that each Covid-19 wave has cost the province R1 billion so far.  
  • The province has also set aside money to buy vaccines against the virus even though it is not clear yet how it will do this.  

The Western Cape government says it has a R2.17 billion “war chest” to defeat Covid-19 in the province.

Finance MEC David Maynier also revealed

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