Former South African Finance Minister, Reserve Bank Governor Tito Mboweni Dies at 65

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Former South African Finance Minister and Reserve Bank Governor Tito Titus Mboweni has passed away at the age of 65 after a brief illness. His family announced his death in a statement late on Saturday night, revealing that he died in a Johannesburg hospital, surrounded by 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.

Mboweni served as Minister of Finance from 2018 to 2021, where he was recognized for his pragmatic approach to economic policy. He guided South Africa through challenging economic times, advocating for fiscal restraint and often clashing with the African National Congress (ANC) over policy directions.

Prior to his role as finance minister, Mboweni was the eighth Governor of the South African Reserve Bank, becoming the first Black South African to hold this prestigious position. His tenure, which lasted from 1999 to 2009, saw the introduction of key policies like inflation targeting, which played a significant role in stabilising the nation’s economy and currency during difficult periods.

The news of Mboweni’s passing has prompted an outpouring of condolences from political leaders and colleagues. ANC Secretary General Fikile Mbalula expressed his sorrow, 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.”

Mboweni’s legacy is not confined to finance and central banking; he also served as the Minister of Labour in Nelson Mandela’s post-apartheid cabinet from 1994 to 1998, where he was instrumental 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, becoming an active member of the ANC. He earned a Bachelor of Arts in Economics and Political Science from the National University of Lesotho and a Master of Arts in Development Economics from the University of East Anglia in England.

Known for his sharp intellect, sense of humour, and outspoken nature, Mboweni often engaged in lively debates on social media, where he garnered a large following. His culinary exploits on X (formerly Twitter) frequently drew attention, particularly his unusual meals that featured generous amounts of garlic.

In recent years, Mboweni transitioned to the private sector, advising global financial institutions and serving on various boards. He is survived by his family, who have requested privacy during this difficult time. Further details regarding his memorial service will be announced in due course.