Nhlanhla Nene is one of South Africa’s most experienced and respected economic leaders, best known for his two terms as Minister of Finance during some of the country’s most turbulent fiscal periods. A long-serving Member of Parliament since 1999, Nene held key roles within the National Treasury, where he became recognised for his disciplined approach to fiscal management and his commitment to safeguarding South Africa’s economic stability.
Before entering national politics, Nene spent 15 years at Metropolitan Life Insurance as Regional Administrative Manager. His early career included notable labour activism: he served as a union shop steward, led negotiations for improved working conditions, and organised the first strike in South Africa’s financial sector between 1990 and 1995. This grounded understanding of labour dynamics later informed his policy perspective within government.
Nene holds a B.Com Honours degree in Economics from the University of the Western Cape. His tenure as Finance Minister from 2014 to 2015 was marked by steadfast efforts to rein in public spending, enforce fiscal discipline, and bring accountability to state-owned enterprises.
Nhlanhla Nene served as the Minister of Finance of South Africa under President Jacob Zuma from 25 May 2014 until his controversial removal on 9 December 2015, and under President Cyril Ramaphosa from 27 February 2018 until his resignation on 9 October 2018
He had been a Member of Parliament since 1999. He was appointed into his position in November 2008 and he was re-appointed on 11 May 2009. He holds a B.Com Honours degree in Economics from the University of Western Cape (UWC). He worked as a Regional Administrative Manager for the Metropolitan Life Insurance for 15 years.
He became a Labour union shop steward and led a negotiating Team for better working conditions during the period 1990 to 1995 and he organised the first ever strike in the financial sector.
As South Africa’s former Finance Minister, Nhlanhla Nene steered the country through turbulent economic waters, advocating for prudent fiscal management and austerity measures amidst growing public expenditure demands. His experience at the helm of the National Treasury, South Africa’s economic nerve center, saw him navigate both domestic and international financial crises, ensuring stability during volatile times.
Nene’s removal in 2015 shook investor confidence and created a ripple effect across the markets, underscoring the critical role he played in safeguarding the country’s economy. His reappointment in 2018, albeit brief, further cemented his expertise in navigating South Africa’s economic complexities. During his tenure, Nene worked on implementing vital reforms that focused on sustainable fiscal policies, boosting investor confidence, and managing the state-owned enterprises (SOEs) that had been a drain on the nation’s finances.
Additionally, Nene held various roles before becoming Minister of Finance, including serving as Deputy Finance Minister and chairing Parliament’s Portfolio Committee on Finance. His extensive experience in public finance, policy implementation, and economic strategy has given him unparalleled insights into South Africa’s economic strengths and challenges.
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In this 4 minute 29 second interview, Finance Minister Nhlanhla Nene provides clarity on President Cyril Ramaphosa’s newly announced economic stimulus package. He begins by emphasising that the plan includes both financial and non-financial components, and its success depends on strict reprioritisation of existing resources rather than introducing new spending. Nene explains that Treasury is undergoing what he calls an “excruciating” internal process to identify underperforming programmes and determine which initiatives can be delayed or replaced so that funding can be redirected toward areas with the highest economic impact.
Addressing whether the stimulus is fiscally neutral, Nene states that while no new domestic funds are being added, the intention is to crowd in external capital that will generate economic returns. This approach aims to create an environment conducive to private-sector participation and to improve the quality and efficiency of government expenditure. The plan is designed with immediate interventions as well as medium- and long-term components that stretch over the next three years.
Nene explains that measurable milestones will begin emerging within weeks, including public updates from line ministries responsible for specific reforms. These include visa regime adjustments by Home Affairs and Tourism, spectrum allocation developments, and finalisation of the Mining Charter by the Minister of Mineral Resources. Progress will be tracked through the Medium-Term Budget Policy Statement (MTBPS), the president’s State of the Nation Address, and ongoing departmental reporting.
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