The Ministry of Finance of Mauritius is a ministerial department found in the Cabinet of the Government of the Republic. It is considered as the most executive and important ministry in the cabinet after the Prime Minister's Office. The minister of finance is the most desirable position in the cabinet of the country except of the prime minister. Most of the time being the Deputy Prime Minister or any other senior member of the cabinet. It was created along with the cabinet on 7 July 1968, and since then it has been in the cabinet.
There are other departments falling under the aegis of the office such as economic development or empowerment. The department is not to be confused with the minister of economic planning as the minister of finance is the sole person in charge of the yearly budget for governmental and parliamentary works. The incumbent minister is Navin Ramgoolam who is also the Prime Minister, took office as from 22 November 2024.
The Accounting Officer of the Ministry of Finance is the Financial Secretary.
Cabinet importance The ministry of finance in the country is a very important department. It controls all the economic activities of the country as well as determines major price index of all the staples and all other commodities subsidies and taxes. It also determines the price of petrol and gas.
The Central Bank of Mauritius falls under the department and is accountable to the minister. Often considered as the post of the most eligible future prime minister, the minister of finance plays a rather important role in a government as it may decide if the economics policies brought forward by the political party in power are good or rather futile. This may result in a change in people's vote which may oust a government to a new party for a better economic management.
History Many Finance ministers have shaped the economy and brought about significant economic changes and benefits to the country working under the lead and guidance of their prime ministers. Vishnu Lutchmeenaraidoo was one of these Finance ministers from 1983 to 1991 in the cabinet of Anerood Jugnauth where he introduced ideas and policies developed by Jugnauth.
In some other cases like in 2000 to 2003, then finance minister Paul Bérenger who was also deputy prime minister, brought some of his own economic ideas and development which resulted in a constructive economic sector known as the BPO. Berenger became prime minister in 2003 and appointed Pravind Jugnauth as the head of finance and his deputy. Pravind Jugnauth also held the office with his own ideas and initiatives without the need to constantly seek the lead of Bérenger. This led to conflict between them and the eventual dissolution of their coalition after they lost the 2005 general election to Navin Ramgoolam.
In 2005 when Navin Ramgoolam came to power, he formed a new cabinet and appointed Rama Sithanen as namesake minister. Sithanen introduced a series of economic policies and implementations such as free public transport to students and senior citizen and also the removal of Subsidies on O level and A level examinations in High School.
In 2010, after retaining power for the second successive mandate Navin Ramgoolam formed a new government in alliance with the Militant Socialist Movement. The leader of the MSM, Pravind Jugnauth was re-appointed as Vice Prime Minister and Minister of Finance. He also implemented his own policies and economic changes as per his party's program within the coalition. This led to tension, compounded by the Medpoint scandal that led to the split of their alliance.
In December 2014, Ramgoolam lost the general election. Anerood Jugnauth, who defeated him, formed a coalition government and brought back Vishnu Lutchmeenaraidoo in the hope of creating a Second Economic Miracle.
Salary The salary of the minister of finance is the same as a cabinet member unless, the office holder is also appointed as deputy prime minister or vice prime minister. The salary is as follows
Office Salary Yearly Deputy Prime MinisterMinister of FinanceRs 1,800,000US $60,000Vice Prime MinisterMinister of FinanceRs 1,740,000US $58, 000Cabinet MinisterRs 1,740,000US $58, 000
List of finance ministers Portrait Name Term of office Portfolio name Party Prime minister Sir Seewoosagur Ramgoolam 1961 1967 PTr S. Ramgoolam Guide to Government Ministers: The British Empire and Successor States 1900-1972 Guy Forget 1967 1968 PTr Sir Veerasamy Ringadoo 1968 1982 PTr Paul Bérenger 1982 1983 MMM A. Jugnauth Anerood Jugnauth 1983 1983 MMM MSM Vishnu Lutchmeenaraidoo 1983 1990 MSM Sir Anerood Jugnauth 1990 1991 MSM Rama Sithanen 1991 1995 MSM Rundheersing Bheenick 1995 1996 PTr N. Ramgoolam Vasant Bunwaree 1996 2000 PTr Paul Bérenger 2000 2003 MMM A. Jugnauth Pravind Jugnauth 2003 2003 MSM Bérenger 2003 2005 Rama Sithanen 2005 2008 PTr N. Ramgoolam 2008 2010 Pravind Jugnauth 2010 2011 MSM Vasant Bunwaree 2011 2011 PTr Xavier-Luc Duval 2011 2014 PMSD Navin Ramgoolam 2014 2014 PTr Vishnu Lutchmeenaraidoo 2014 2016 MSM A. Jugnauth Sir Anerood Jugnauth 2016 2016 MSM Pravind Jugnauth 2016 2019 MSM P. Jugnauth Renganaden Padayachy 2019 2024 5 years MSM Navin Ramgoolam 2024 Incumbent PTr N. Ramgoolam
See also List of company registers
References