Van Rooyen sworn in as new Finance Minister

''I, David Douglas Van Rooyen, swear that I will be faithful to the Republic of South Africa and will obey, respect and uphold the constitution and all other laws of the republic. I also undertake to hold my office as Minister with honour and dignity and to the best of my ability,'' he said.

Van Rooyen takes over from Nene who was axed last night after only 18 months in charge of the crucial portfolio. 

The former Merafong mayor was officially sworn in by Justice Sisi Khampepe at the Union Buildings. 

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Shortly after the ceremony Van Rooyen gave his first short statement as minister.

"As you are all aware, mine is a colossal assignment coming at a time when the global economic outlook is not favourable, more especially for emerging markets.

''All economic indicators, as you are all aware, are pointing to the south. Now I must undertake in front of you, and the nation, that I will ensure every policy is directed at creating favourable investment conditions, leading to the development of South Africa for all South Africans - not for the few,'' he said.

President Jacob Zuma has yet to give an explanation for Nene's removal but markets have not reacted well to the news with the rand hitting an all time low last night, going above R15 to the US Dollar. 

(File photo: Gallo Images)