SOUTH AFRICAN Minister of Electricity, Kgosientsho Ramokgopa is acting as finance minister in the place of Enoch Godongwana, the presidency confirmed on Tuesday.

“Yes, he is acting,” presidential spokesperson Vincent Magwenya said. He gave no further detail and downplayed the risk that financial markets would react to the news.

“There is no concern about the markets,” Magwenya said, adding that there were no major policy decisions pending.

The media understands that Ramokgopa took over last week when Godongwana was admitted to hospital with a serious illness.

This comes shortly after he delivered the medium-term budget policy statement, which seeks to address the country’s growth crisis while constraining spending and spiralling debt.