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The party has been vocal about its disapproval of Nhlanhla Nene as Minister of Finance.
Nene apologised after he revealed in his testimony at the Commission of Inquiry into State Capture that he held private meetings with the controversial Gupta family.
EFF Deputy President Floyd Shivambu says the party expects Mboweni to do better than his predecessor.
Shivambu says the EFF is inspired that ultimately Nene resigned as the Minister of Finance as they demanded.
He says: “We note the appointment of Mboweni as he has been saying that there should be a creation of a state bank, he’s been saying there must be a creation of a sovereign wealth fund. He has been saying that the state should be exposed to a certain degree in the ownership of mineral resources in the actual process of the extraction of mineral resources in South Africa. We have put a substantial policy proposal on a sovereign wealth fund so he must live up to his word and support that as a minister.”