By Amy Musgrave
Tributes are pouring in for former SA Reserve Bank Governor and finance minister Tito Mboweni who died on Saturday night. He was 65.
President Cyril Ramaphosa said on Sunday was deeply saddened by the passing of Mboweni, who died following a short illness.
“We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights. As governor and finance minister, he had a sharp focus on fiscal discipline and economic transformation,” Ramaphosa said in a statement.
“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.”
The African National Congress described Mboweni’s life was a testament to a life lived in sacrifice, dedication and selfless service to the people of South Africa.
“We extend our heartfelt condolences to the Mboweni family, ANC structures and all South Africans who mourn the loss of this great man,” said ANC spokesperson Mahlengi Bhengu-Motsiri.
“Comrade Tito will be remembered not only for his immense contributions to the economy, but also for his unwavering connection to the people he served. His legacy of dedication, innovation, and service will remain a guiding light for generations to come.”
Mboweni abandoned his studies at the University of the North (Turfloop) in the 1980s to go into exile during the height of apartheid repression. At that time, he was a student leader with the Azanian Students Organisation.
In Lesotho, he joined the ANC in 1985.
Bhengu-Motsiri said his role in shaping the country’s democratic future particularly during the dying days of apartheid, could not be overstated.
“Comrade Tito’s brilliance contributed greatly in the economic debates that framed the transition to democracy, making him one of the trusted voices of reason within the ANC,” she said in a statement.
Mboweni was first appointed labour minister under Nelson Mandela, and became a critical architect of South Africa’s post-apartheid labour legislation.
He laid down the foundation for collective bargaining and establishing labour courts to uphold worker rights.
He was appointed as the first black governor of the SARB in 1996. He served in the position for 10 years.
“His leadership marked a crucial moment in our country’s financial history as he led the Reserve Bank in adopting inflation targeting, ensuring that price stability would be maintained in the fragile post-apartheid economy,” said Bhengu-Motsiri.
“His contributions in this space helped steer South Africa through economic turbulence and he was widely respected for this, both locally and internationally.”
He served a finance minister under President Cyril Ramaphosa from 2018 to 2021.
“Given his sense of vitality and energetic and affable engagement with fellow South Africans, Dr Mboweni’s passing at 65 comes as a shock,” Ramaphosa said.
Mboweni’s family has issued a statement saying that he died in hospital on Saturday night and was surrounded by his loved ones.
They have asked for privacy as they come to terms with their loss.
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