Financial markets are on tenterhooks after South Africa’s Finance Minister Nhlanhla Nene asked President Cyril Ramaphosa to relieve him of his duties.
Politicians are saying Ramaphosa has no option but to sack Nene who lied to MPs about the extent of his contacts with the wealthy Indian Gupta family accused off profiting from an inappropriate close relationship with former President Jacob Zuma.
Nhlanhla Nene told the commission of inquiry into state capture that was sacked as Finance Minister by then President Jacob Zuma for failing to approve policies that would benefit the Gupta family.
In giving this testimony, he said he had visited the Gupta home in Johannesburg a number of times.
This contradicted an earlier assurance he had given MPs that he had barely known the Guptas.
In the storm that erupted from this, Nene, who was reinstated by President Cyril Ramaphosa last February, apologised to the people of South Africa.
And yesterday (Monday) he asked Ramaphosa to relieve him of his duties.
His departure would be financially awkward. Credit ratings agency Moodys is due to report on South Africa later this week and Nene is due to deliver his mini Budget to Parliament on October 24.
Opposition parties say Ramaphosa’s commitment to build a clean South Afrian society is at stake.
They say Nene must go , for lying to MPs, even if he refused to do the Guptas’ bidding.