Mboweni, the nation's fifth finance chief in less than three years, will have to oversee an economy that's fallen into recession and help Ramaphosa rebuild confidence battered by almost nine years of mismanagement under former President Jacob Zuma. He must also reassure investors and credit-rating companies of credible plans to stabilize debt and revive growth in the mid-term budget on Oct. 24.
"In the wake of Mr. Nene's resignation, I have decided to appoint Mr. Tito Mboweni as minister of finance with immediate effect," Ramaphosa said. "Mr. Mboweni takes on this responsibility at a very critical time for our economy."