Former Finance Minister Nhlanhla Nene resumed his previous post, Xinhua news agency reported.
Jeff Radebe, Minister in the Presidency responsible for Monitoring and Evaluation, was assigned to the Energy portfolio, and former Africa Union Commission chairperson Nkosazana Dlamini Zuma replaced Radebe.
Zweli Mkhize, former Treasurer General in the Africa National Congress (ANC), is now the Cooperative Governance and Traditional Affairs Minister, Ramaphosa announced at a press briefing in Pretoria.
The President appointed the ANC Deputy President David Mabuza as the country's Deputy President.
"In making these changes I have been conscious of the need to balance continuity and stability with the need for renewal, economic recovery and accelerated transformation," the President said.
The South African Communist Party General Secretary Blade Nzimande was appointed Transport Minister. He was axed last year by the then President Jacob Zuma.
Ramaphosa said, "These changes are meant to ensure that national government is better equipped to implement the mandate of this administration."
Former Finance Minister Pravin Gordhan was assigned to the Public Enterprises Minister which is facing governance challenges. ANC chairperson Gwede Mantashe was also appointed the Mineral Resources Minister.
The new ministers and their deputies will be sworn on Tuesday.
Ramaphosa, who was sworn in this month after Zuma resigned in the face of multiple corruption allegations, signalled his intent to clean up the graft that has weakened one of Africa's top economies by appointing two widely respected former finance ministers.
Gigaba has been criticised for his ties to the Gupta business family that is accused of using its association with Zuma to manipulate state companies for its own financial benefit. Ramaphosa moved Gigaba back to the Home Affairs Ministry.(ANI)