National Treasury Welcomes New Finance Minister and Deputy Ministers

The National Treasury looks forward to a productive tenure under the leadership of Minister Godongwana and the deputy ministers, continuing its mission to stabilize and grow South Africa’s economy.

The National Treasury has warmly welcomed the newly sworn-in Minister of Finance, Enoch Godongwana, along with Deputy Ministers Dr. David Masondo and Ashor Sarupen.

Minister Godongwana has been serving as the Minister of Finance since August 2021, while Deputy Minister Masondo has been with the department since May 2019. This marks Sarupen’s first tenure in the department.

"The department looks forward to working together with the principals and the seventh administration as a collective. It will be important for the department to ensure a continuation of the balanced fiscal stance set out in the 2024 Budget, which aims to stabilize public finances and reduce fiscal and economic risks, while promoting economic growth and supporting vulnerable members of society," Treasury said on Wednesday.

This announcement follows the swearing-in ceremony of Deputy President Paul Mashatile and Cabinet ministers of the seventh administration on Wednesday.

During his tenure, Minister Godongwana has focused on returning public finances to stability and stabilizing debt. His leadership has led to the implementation of significant financial sector reforms, including the anticipated Two-Pot System, set to take effect in September 2024.

Deputy Minister Masondo, who chairs the Public Investment Corporation (PIC), has been instrumental in steering the mandate of the PIC, ensuring that the company, with over R2 trillion in assets under management, makes sound investments. His office also played a crucial role in overseeing Operation Vulindlela, an initiative praised for supporting departments in implementing structural reforms in key sectors such as energy, water, and telecommunications.

Deputy Minister Sarupen has a rich background in public service, having served on the Ekurhuleni Metropolitan Council in 2011, as Chief Whip of the Official Opposition in the Council, as a Member of the Gauteng Legislature between 2014 and 2019, and as a Member of Parliament and the Democratic Alliance’s Shadow Minister on the Appropriations Committee since 2019.

The National Treasury looks forward to a productive tenure under the leadership of Minister Godongwana and the deputy ministers, continuing its mission to stabilize and grow South Africa’s economy.