Tito Titus Mboweni, former South African Finance Minister and Governor of the South African Reserve Bank, has passed away at the age of 65 after a brief illness. His family confirmed the news in a statement on Saturday night, expressing their grief and requesting privacy during this difficult time.
Mboweni died in a Johannesburg hospital, surrounded by loved ones. Known for his pragmatic and sometimes controversial economic policies, Mboweni played a key role in navigating South Africa through challenging financial periods during his tenure as Finance Minister from 2018 to 2021. His emphasis on fiscal restraint often put him at odds with the ANC’s policy direction.
Mboweni made history as the first Black South African to serve as Governor of the Reserve Bank from 1999 to 2009. Under his leadership, he introduced critical policies like inflation targeting, which contributed to the stabilisation of South Africa’s economy during turbulent times.
His impact extended beyond finance. Mboweni was instrumental in shaping post-apartheid South Africa’s labour laws during his time as the Minister of Labour under President Nelson Mandela from 1994 to 1998. His dedication to public service and policy reform left a lasting mark on South Africa’s political and economic landscape.
Born on March 16, 1959, in Tzaneen, Limpopo, Mboweni joined the anti-apartheid movement in exile in 1980 and became an active member of the ANC. He later earned a Bachelor of Arts in Economics and Political Science from the National University of Lesotho and a Master’s in Development Economics from the University of East Anglia in England.
In addition to his public service, Mboweni was known for his wit, intellect, and engaging social media presence, where he built a significant following. In his later years, he transitioned into the private sector, advising global financial institutions and sitting on various boards.
The Mboweni family will announce details of his memorial service in due course.