Mourning Tito Mboweni: South Africa loses a financial leader

Source: @PresidencyZA

He passed away at a Johannesburg hospital on Saturday night, surrounded by his loved ones.

He was 65 years old.

“We have lost a leader and compatriot, who has served our nation as an activist, economic policy innovator and champion of labour rights,” President Cyril Ramaphosa said.

Mboweni served as South Africa’s Minister of Labour in the first democratically elected Cabinet from 1994 to 1999. Following that, he served as the South African Reserve Bank Governor from 1999 to 2009.

His final official position in government was as the Minister of Finance in President Ramaphosa’s administration from 2018 to 2021.

Mboweni resigned from Parliament on 1 February 2022.

“As Governor and Finance Minister, he had a sharp focus on fiscal discipline and economic transformation. Tito Mboweni distinguished himself in different strategic roles in the private sector and was a flag bearer in global forums for our economy and developing economies more broadly.

“He conducted himself with expert rigour, while maintaining the personable touch that made him a social media star and ambassador for Modjadjiskloof’s culinary traditions. His passing is a great loss. May his soul rest in peace,” President Ramaphosa said.

The life and times of Mboweni

The youngest of three children, Mboweni was born on 16 March 1959. He grew up in Tzaneen, Limpopo.

He attended the University of the North between 1979 and 1980, where he registered for a Bachelor of Commerce degree. He did not complete his studies there and left South Africa to go into exile in 1980.

While in exile in Lesotho, Mboweni joined the African National Congress (ANC), and was an activist for the party in many capacities.

He obtained a Bachelor of Arts (Hons) in Economics and Political Science from the National University of Lesotho in 1985. In 1988, he obtained a Master of Arts in Development Economics from the University of East Anglia in England.

Prior to his appointment as Minister of Labour, Mboweni was deputy head of the Department of Economic Policy in the ANC. He also represented the ANC on several domestic and international platforms.

Mboweni was a member of the ANC's national executive and national working committees, and was also chairperson of the National Executive Committee's economic transformation committee, which co-ordinated the development of ANC economic policies.

The Mboweni family has asked for privacy during this challenging time as they cope with their profound loss.

Additional details will be shared in the coming days.