South African President Cyril Ramaphosa on Monday rejected a newspaper report that he failed to stop 1.9 billion rand ($132 million) being illegally siphoned from VBS Mutual Bank.
“The Presidency categorically rejects reports that … Ramaphosa failed to take action on the VBS Bank saga despite being alerted to irregularities back in 2017,” his office said.
The resignation of Nhlanhla Nene was announced by President Cyril Ramaphosa, who has pledged to clean up corruption and revive South Africa’s economy, which is in recession. The president appointed Tito Mboweni, former head of the South African Reserve Bank, as the new minister and told him to be ready for a Cabinet meeting.
South Africa will ease some immigration rules, including agreeing visa waiver agreements with more countries, in an effort to boost investment and tourism, Home Affairs Minister Malusi Gigaba said on Tuesday. The changes are part of a broader economic turnaround programme announced by President Cyril Ramaphosa last week as his team seeks to drag Africa’s most developed economy out of recession.
South Africa’s president announced a multi-billion-dollar stimulus programme on Friday, earmarking funds for job creation and infrastructure development as he seeks to make good on a pledge to revive the country’s ailing economy. “We have to resort to reprioritising our budget,” Ramaphosa told reporters in Pretoria, adding that there was no room to increase spending or borrowing.