A staunch ANC member, Mboweni spent 10 years in exile in Lesotho between 1980 and 1990 where upon his return was appointed the head of the party’s Department of Economic Policy.
Mboweni’s appointment comes as a shock as he had previously ruled himself out of Ramaphosa’s cabinet.
In February, he posted on his Twitter account: "Against the wisdom of my team‚ please don’t tell them this. It’s between us‚ I am not available for Minister of Finance. You cannot recycle the same people all over again. It is time for young people. We are available for advisory roles. Not cabinet. We have done that.”
Mboweni was entangled in a salary controversy in 2016 when he was accused, by Public Investment Corporation, of receiving “excessive” pay as the chairperson of the Accelerate Property Fund after his salary reportedly increased from R506 667 to a whooping R1.58-million.
When his tenure as a non-executive director of the Brics New Development Bank came to an end in 2017, it raised questions around whether there was any credence to the claims former president Jacob Zuma had used as a way to get rid of Nene whom he had promised a position at the Brics Bank.