SA pays tribute to Tito Mboweni, a towering figure in finance

Source: Reuters.

It was sad to hear of Tito Mboweni’s unexpected passing over the weekend, and condolences go to his family.

Mboweni was a formidable leader, with deep economic insights that greatly shaped SA’s post-apartheid policies and structures, such as the Sarb, labour law and Nedlac.

His roles over the years ranged from Labour Minister (five years) to Sarb Governor (10 years) and much later also as Finance Minister (three years).

All these roles enlarged his sphere of influence in policy formation at various levels of governance. Tito Mboweni therefore increasingly brought his undoubtedly tough skills and experience to bear on policy decision-making in SA. He was a leader of integrity, and interlocutors would know where they stood with him in debate.

A lasting impact

On behalf of organised business I had regular interaction with Tito Mboweni in the early years of SA’s democracy but later more closely in his position as Sarb Governor when I was on the Board of Directors of the Sarb. His robust grasp of SA’s political economy was always in evidence and he forcefully defended the Sarb’s autonomy.

Tito Mboweni’s sojourn at the Sarb was his longest term of office in any role and where he probably made the biggest impact through his firm commitment to, and strong leadership of, that institution.

His decade as Sarb governor was a highly definitive one in the evolution of monetary policy in SA in what was often a challenging period, including the introduction of inflation targeting in 2000.

Overall, as a dedicated public official over many years, Tito Mboweni leaves a tangible economic legacy in SA.