Meet our new Finance Minister
President Jacob Zuma on Wednesday evening announced that former Merafong Mayor David Douglas Des van Rooyen will be taking over from Finance Minister Nhlanhla Nene.
But who is David Douglas?
Van Rooyen, served as the Whip of the Standing Committee on Finance and as the Whip of the Economic Transformation Cluster.
According to the Presidency, he's a former North West Provincial chair of the South African Local Government Association.
Van Rooyen's former position as Merafong Mayor in Gauteng has raised concerns about his abilities in government. He and his family were chased out of town by angry residents when his home was set alight in 2005.
Van Rooyen, an MK veteran, has been involved in politics since the 1980s.
His qualifications include:
- Advance Business Management Diploma
- Diploma in Municipal Governance
- Certificate in Municipal Governance
- Certificate in Councillor Development
- Certificate in Municipal Finance
- Certificate in Councillor Development
- Certificate in Economic and Public Finance
- Master's Degree in Public Development and Management.
- Certificate in Investment analysis and Portfolio management from Unisa.
The University of London conferred a MSC Finance in Economic Policy to Van Rooyen in 2014.
Van Rooyen was sworn in on Thursday at the Union Buildings, officially replacing Nhlanhla Nene.
South Africa voiced their outrage following the news that President Zuma has replaced Nene as Finance Minister.
"I have decided to remove Mr Nhlanhla Nene as Minister of Finance, ahead of his deployment to another strategic position, the president said in a statement on Wednesday evening.
The rand has regained a fraction of its value lost after President's Zuma's announcement that Nene will be replaced with van Rooyen. Our currency reached a record low of 15.24/US$.
Fitch ratings agency downgraded the South Africa's rating by one notch to BBB-, the lowest investment grade category. It cited the slowing economy and rising debt. Experts are now warning that credit rating agencies are expected to downgrade South Africa further to junk status.