Former Reserve Bank governor and finance minister Tito Mboweni has passed away at the age of 65. His family confirmed the sad news in a statement late Saturday night, revealing that Mboweni passed away in a Johannesburg hospital after a short illness.
“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. He passed away in hospital in Johannesburg on Saturday night surrounded by his loved ones,” the family said in their statement.
Mboweni was a towering figure in South African economic history. His groundbreaking appointment as the first black governor of the South African Reserve Bank (SARB) in 1999 marked a turning point for the country. He succeeded Chris Stals and went on to serve with distinction for a decade. His leadership was instrumental in stabilizing the country’s monetary policy post-apartheid, ensuring that South Africa was able to weather various economic challenges.
Before his appointment to the SARB, Mboweni had already left a significant mark on South African politics. As a young leader, he was appointed as Minister of Labour in Nelson Mandela’s cabinet following the country’s transition to democracy in 1994. He played a key role in shaping labor policies that aimed to redress the inequalities of the apartheid era.
His time as finance minister from 2018 to 2021 was equally significant, as he guided South Africa through a tumultuous period of economic decline, exacerbated by the COVID-19 pandemic. Although his policies were sometimes met with controversy, his dedication to public service was undeniable.
Mboweni’s passing leaves a deep void in South Africa’s political and economic landscape. His commitment to the country, sharp intellect, and unwavering stance on economic matters will be remembered for generations to come. As South Africans mourn this loss, his contributions will continue to resonate in the nation’s history.