Former Reserve Bank governor and Finance Minister Tito Mboweni dies at 65

Former South African Finance Minister and Reserve Bank Governor, Tito Titus Mboweni, has died.

He was 65-years-old.

His family released a statement late on Saturday night announcing his passing, after a brief illness.

Mboweni passed away in a Johannesburg hospital, surrounded by his loved ones.

"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.

The ANC has confirmed the death of the former finance minister. A statement is expected shortly, while ANC secretary general Fikile Mbalula and International Relations Minister Ronald Lamola were among the first ANC leaders to confirm his death publicly.

Mboweni, who served as the Minister of Finance from 2018 to 2021, was known for his pragmatic approach to economic policy. He returned to Cabinet reluctantly to serve as Finance Minister when President Cyril Ramaphosa came calling after former finance minister Nhlanhla Nene resigned under a cloud.

He guided South Africa through turbulent economic times, advocating for fiscal restraint while often clashing with the ANC over issues of policy direction.

He was the eighth Governor of the South African Reserve Bank, and the first Black South African to hold this prestigious role, serving from 1999 to 2009.

During his tenure, Mboweni introduced key policies like inflation targeting, which helped stabilise the country’s economy and currency in difficult periods.

Mbalula said of Mboweni’s death:

“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,” he said.

Lamola said: “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”.

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. pic.twitter.com/PpVaLNOs3S

— Minister: International Relations and Cooperation (@RonaldLamola) October 12, 2024

Mboweni’s legacy extends beyond finance and central banking.

As the country’s Minister of Labour in Nelson Mandela’s post-apartheid cabinet from 1994 to 1998, he played a pivotal role in shaping South Africa’s labour laws.

Born on March 16, 1959, in Tzaneen, Limpopo, Mboweni left South Africa in 1980 to join the anti-apartheid struggle in exile, where he became an active member of the ANC.

He earned a Bachelor of Arts in Economics and Political Science from the National University of Lesotho, followed by a Master of Arts in Development Economics from the University of East Anglia in England.

Mboweni was known for his sharp intellect, humour, and outspoken nature, often engaging in lively debates on social media, where he amassed a large following.

His cooking on the social media platform, X (formerly Twitter) caused much humour for his unusual meals that were often loaded with whole garlic.

In his later years, Mboweni ventured into the private sector, serving as an advisor to global financial institutions and sitting on several boards.

He is survived by his family, who have requested privacy during this difficult time. Details of his memorial service will be announced in due course.