South Africa is mourning the loss of Tito Titus Mboweni, former Governor of the South African Reserve Bank and Minister of Finance, who passed away at the age of 65. The news of his death, following a short illness, was announced late Saturday night by his family in a statement that expressed their profound sadness.
“It is with deep sadness that the Mboweni family announces the passing of former Reserve Bank governor and minister of finance, Tito Titus Mboweni. The family is devastated by governor Mboweni’s passing after a short illness,” the statement read.
Mboweni passed away in a Johannesburg hospital, surrounded by loved ones.
The announcement was swiftly followed by tributes from across the political spectrum, highlighting Mboweni’s significant contributions to South Africa’s economic landscape.
President Cyril Ramaphosa offered his condolences, stating, “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.”
The President also noted Mboweni’s distinguished career in the private sector, describing him as a “flag bearer in global forums for our economy and developing economies more broadly.”
Mboweni’s career spanned decades, encompassing key roles in both government and the private sector. He served as South Africa’s Labour Minister under President Nelson Mandela’s cabinet from 1994 to 1998, playing a crucial role in shaping the nation’s labour laws.
His subsequent appointment as Governor of the South African Reserve Bank from 1999 to 2009 marked a historic moment, as he became the first Black South African to hold this prestigious position. During his tenure, he implemented crucial policies such as inflation targeting, which proved instrumental in stabilising the country’s economy and currency during challenging times. One of his notable achievements was significantly bolstering the nation’s foreign exchange reserves, increasing them to almost $40 billion from less than $10 billion.
His appointment as Minister of Finance in 2018, under President Ramaphosa, came at a turbulent time for the South African economy. He steered the country through difficult economic periods, advocating for fiscal restraint while often engaging in robust discussions with the African National Congress (ANC) regarding policy direction. His pragmatic approach to economic policy earned him both respect and occasional criticism.
The ANC acknowledged his significant contributions to navigating economic turbulence, stating, “His contributions in this space helped steer South Africa through economic turbulence, and he was widely respected for this, both locally and internationally. Though his term was brief, he guided the country’s economic policy during a critical period of transition following the departure of his predecessor.”
Beyond his formal roles, Mboweni was known for his sharp intellect, engaging personality, and outspoken nature. He frequently used social media, particularly X (formerly Twitter), to share his views and engage in lively debates, amassing a substantial following. His culinary adventures on the platform, often featuring unconventional dishes, became a source of amusement for his followers.
Following his time in government, Mboweni transitioned to the private sector, serving as an advisor to international financial institutions and holding positions on various corporate boards, including chairmanship of AngloGold Ashanti Ltd. His experience and expertise continued to be highly valued in the business world.
Tributes poured in from fellow ANC leaders. ANC Secretary General Fikile Mbalula offered his condolences, stating, “I extend my deepest condolences to the family, friends, and colleagues of the late Comrade Tito Mboweni. His passing is a profound loss for South Africa, as he was a dedicated public servant who played a crucial role in shaping the country’s economic policies. As the former Minister of Finance and the first black Governor of the South African Reserve Bank, Mboweni’s leadership, intellect, and unwavering commitment to the nation left an indelible mark on our country. His contributions to South Africa’s growth and stability will be remembered with gratitude.” International Relations Minister Ronald Lamola added, “Nothing could have prepared us for this immense loss. My heart aches for the family and loved ones of our dear comrade @tito_mboweni. His absence leaves a void that can never be filled. Tito’s legacy will inspire us forever. Rest in power, comrade. You will be deeply missed”.
The Activists and Citizens Forum also expressed their sorrow, with spokesperson Dennis Bloem praising Mboweni’s dedication and integrity: “He was loyal, principled and hardworking. Comrade Tito Mboweni leaves this earth without any scandal of corruption. I know that comrade Tito Mboweni hated corruption with passion. His only goal was to see the lives of people getting better. Comrade Tito Mboweni was a good-hearted human being, very humble. We convey our heartfelt condolences to Comrade Tito Mboweni’s family, friends and his political home the ANC. May his soul rest in peace.”
Tito Mboweni’s legacy extends beyond his official roles. He leaves behind a mark on South Africa’s economic history, remembered for his contributions to monetary policy, fiscal management, and labour relations. His family has requested privacy during this difficult time, and details of his memorial service will be announced at a later date.
