Introducing South Africa’s NEW Finance Minister Enoch Godongwana – The Business of Money

Introducing South Africa’s NEW Finance Minister Enoch Godongwana

The Business of Money

Two of South Africa’s top economists come out in full support of South Africa’s new Finance Minister, Enoch Godongwana, despite the media’s attention on his alleged sketchy past connecting him to a high profile pension scam in 2012.

The matter was covered extensively at the time by South Africa’s reputable Mail & Guardian. Godongwana is seen as the party guru on economics, he is said to be in favour of allowing for land reform with compensation in some circumstances. He is apparently sensible and stable. Happy Days?!

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Enoch Godongwana

Mr Enoch Godongwana was appointed Minister of Finance of The Republic of South Africa on the 5th of August 2021. He holds an MSc degree in Financial Economics from the University of London and is a member of the National Executive Committee of the African National Congress (ANC) since 1997.

He is the current chairperson of the ANC’s Economic Transformation sub-committee. Prior to his appointment as the Minister of Finance, Godongwana was the Chairperson of the Board of the Development Bank of Southern Africa. Among others, he has also been appointed to the Boards of the New Development Bank and Mondi plc, CEO of the Financial Sector Charter Council and Member of the Policy Board for Financial Services and Regulation.

He served in government as the Deputy Minister of Economic Development, Deputy Minister of Public Enterprises, Member of Parliament, Member of the Eastern Cape Provincial Legislature, and a Member of the Executive Council in the Eastern Cape responsible for Finance, Economic Affairs, Environment and Tourism.

Godongwana has a solid background in the trade union movement; having served in various leadership positions in one of South Africa’s largest industrial unions – the National Union of Metal Workers of South Africa – including being its General Secretary from 1993 to 1997.

He also served on the Congress of South African Trade Unions (COSATU’s) Executive and Central Committees from 1992 to 1997 and was the chairperson of COSATU’s Economic Development Task Force. He is one of the founding members of the National Economic Development and Labour Council (NEDLAC) and participated in the drafting of a number of progressive labour legislation including the Labour Relations Act.

Source: National Treasury