Finance News South Africa

Godongwana holds onto Finance Ministry in new Cabinet

Enoch Godongwana has retained his position as South Africa's Minister of Finance.
Source: @GovernmentZA/X
Source: @GovernmentZA/X

This follows President Cyril Ramaphosa's announcement of a new National Executive on Sunday, 30 June 2024, which constitutes the seventh Democratic Administration as a Government of National Unity.

Godongwana has held his current position since August 2021. He has a long history in South African politics, particularly within the African National Congress (ANC). He previously served as the Deputy Minister of Public Enterprises and the Deputy Minister of Economic Development during Jacob Zuma's presidency.

Key points in his 2024 Budget Speech included a focus on reducing government borrowing and supporting vulnerable communities despite economic constraints​. A significant reform introduced in the 2024 budget involved accessing the Gold and Foreign Exchange Contingency Reserve Account (GFECRA) to reduce government borrowing and improve the South African Reserve Bank's equity position. This move aimed to manage the budget deficit and finance public-sector wage increases.

The budget included substantial debt relief for Transnet, a critical state-owned enterprise, with a debt-relief arrangement of R47bn to support its recovery and focus on core activities.

His upcoming challenge involves steering the economy towards a more sustainable growth trajectory, tackling junk status and greylisting by the end of the 2025 fiscal year to attract foreign investments for infrastructure revitalisation.

Cabinet restructuring announced

While the original intention was to reduce the number of portfolios in the National Executive; ensuring the National Executive included representation from all parties in the Government of National Unity made this challenging. Ramaphosa noted that some portfolios have been separated to provide adequate attention to key issues.

To this end, the ministries of Electricity and Energy will be merged. There will be a separate ministry of Mineral and Petroleum Resources. The ministry of Agriculture will be separated from the ministry of Land Reform and Rural Development.

The ministry of Higher Education will be separated from the ministry of Science, Technology and Innovation. The ministry of Justice and Constitutional Development will be separated from the ministry of Correctional Services.

Furthermore, there will no longer be a ministry of Public Enterprises.

National executive roles

Meanwhile, a total of 11 parties have elected to work together in government and in Parliament. These are the African National Congress, Democratic Alliance, Patriotic Alliance, Inkatha Freedom Party, Good Party, Pan Africanist Congress of Azania, Freedom Front Plus, United Democratic Movement, Al Jama-ah, Rise Mzansi and the United Africans Transformation.

These are the appointments to the National Executive:

  • The Deputy President is Paul Mashatile.
  • The Minister of Agriculture is John Steenhuisen.
  • The Deputy Minister of Agriculture is Rosemary Nokuzola Capa.
  • The Minister of Land Reform and Rural Development is Mzwanele Nyhontso.
  • The Deputy Minister of Land Reform and Rural Development is Chupu Stanley Mathabatha.
  • The Minister of Basic Education is Siviwe Gwarube.
  • The Deputy Minister of Basic Education is Reginah Mhaule.
  • The Minister of Communications and Digital Technologies is Solly Malatsi.
  • The Deputy Minister of Communications and Digital Technologies is Mondli Gungubele.
  • The Minister of Cooperative Governance and Traditional Affairs is Velinkosi Hlabisa.
  • The Deputy Ministers of Cooperative Governance and Traditional Affairs are Dickson Masemola and Zolile Burns‐Ncamashe.
  • The Minister of Defence and Military Veterans is Angie Motshekga.
  • The Deputy Ministers of Defence and Military Veterans are Bantu Holomisa and Richard Mkhungo.
  • The Minister of Electricity and Energy is Kgosientsho Ramokgopa.
  • The Deputy Minister of Electricity and Energy is Samantha Graham.
  • The Minister of Science, Technology and Innovation is Blade Nzimande.
  • The Deputy Minister of Science, Technology and Innovation is Nomalungelo Gina.
  • The Minister of Employment and Labour is Nomakhosazana Meth.
  • The Deputy Ministers of Employment and Labour are Jomo Sibiya and Phumzile Mgcina.
  • The Minister of Finance is Enoch Godongwana.
  • The Deputy Ministers of Finance are David Masondo and Ashor Sarupen.
  • The Minister of Forestry, Fisheries and the Environment is Dion George.
  • The Deputy Ministers of Forestry, Fisheries and the Environment are Narend Singh and Bernice Swarts.
  • The Minister of Health is Aaron Motsoaledi.
  • The Deputy Minister of Health is Joe Phaahla.
  • The Minister of Higher Education is Nobuhle Nkabane.
  • The Deputy Ministers of Higher Education are Buti Manamela and Mimmy Gondwe.
  • The Minister of Home Affairs is Leon Schreiber.
  • The Deputy Minister of Home Affairs is Njabulo Nzuza.
  • The Minister of Human Settlements is Mmamoloko Kubayi.
  • The Deputy Minister of Human Settlements is Tandi Mahambehlala.
  • The Minister of International Relations and Cooperation is Ronald Lamola.
  • The Deputy Ministers of International Relations and Cooperation are Alvin Botes and Tandi Moraka.
  • The Minister of Justice and Constitutional Development is Thembi Nkadimeng.
  • The Deputy Minister of Justice and Constitutional Development is Andries Nel.
  • The Minister of Mineral and Petroleum Resources is Gwede Mantashe.
  • The Deputy Minister of Mineral and Petroleum Resources is Judith Nemadzinga‐Tshabalala.
  • The Minister of Planning, Monitoring and Evaluation is Maropene Ramokgopa.
  • The Deputy Minister of Planning, Monitoring and Evaluation is Seiso Mohai.
  • The Minister of Police is Senzo Mchunu.
  • The Deputy Ministers of Police are Polly Boshielo and Cassel Mathale.
  • The Minister in the Presidency is Khumbudzo Ntshavheni.
  • The Deputy Ministers in the Presidency are Nonceba Mhlauli and Kenneth Morolong.
  • The Minister of Public Service and Administration is Mzamo Buthelezi.
  • The Deputy Minister of Public Service and Administration is Pinky Kekana.
  • The Minister of Public Works and Infrastructure is Dean Macpherson.
  • The Deputy Minister of Public Works and Infrastructure is Sihle Zikalala.
  • The Minister of Small Business Development is Stella Ndabeni-Abrahams.
  • The Deputy Minister of Small Business Development is Jane Sithole.
  • The Minister of Social Development is Sisisi Tolashe.
  • The Deputy Minister of Social Development is Ganief Hendricks.
  • The Minister of Sport, Arts and Culture is Gayton McKenzie.
  • The Deputy Minister of Sport, Arts and Culture is Peace Mabe.
  • The Minister of Tourism is Patricia De Lille.
  • The Deputy Minister of Tourism is Maggie Sotyu.
  • The Minister of Trade, Industry and Competition is Parks Tau.
  • The Deputy Ministers of Trade, Industry and Competition are Zuko Godlimpi and Andrew Whitfield.
  • The Minister of Transport is Barbara Creecy.
  • The Deputy Minister of Transport is Mkhuleko Hlengwa.
  • The Minister of Water and Sanitation is Pemmy Majodina.
  • The Deputy Ministers of Water and Sanitation are David Mahlobo and Isaac Seitlholo.
  • The Minister of Women, Youth and Persons with Disabilities is Sindisiwe Chikunga.
  • The Deputy Minister of Women, Youth and Persons with Disabilities is Mmapaseka Steve Letsike.
  • The Minister of Correctional Services is Pieter Groenewald.
  • The Deputy Minister of Correctional Services is Lindiwe Ntshalintshali.

"The incoming government will prioritise rapid, inclusive and sustainable economic growth and the creation of a more just society by tackling poverty and inequality," Ramaphosa said.

"In the spirit of partnership and collaboration, it will work together with other formations to convene a national dialogue. Through this national dialogue, all parties, civil society groups, labour, business and other stakeholders will be invited to work together to address the critical challenges facing the nation.

"We call on all South Africans to participate in the national dialogue and to give their support to this Government of National Unity as it begins its work."

About Katja Hamilton

Katja is the Finance, Property and Healthcare Editor at Bizcommunity.
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