Tito Mboweni, South Africa’s former finance and labour minister, and the country’s first Black central bank governor, has died at the age of 65 after a brief illness, the presidency confirmed late on Saturday.
Mboweni, a committed anti-apartheid activist, played a crucial role in shaping the country’s post-apartheid labour and economic policies. His career in public service saw him holding several pivotal roles, including the position of democratic South Africa’s first labour minister from 1994 to 1999 under President Nelson Mandela. During this time, Mboweni helped introduce legislation that laid the foundation for collective bargaining and established labour courts to protect workers’ rights.
He later became governor of the South African Reserve Bank in 1999, where he served for a decade. As governor, Mboweni introduced inflation targeting, a key monetary policy aimed at maintaining price stability, which greatly influenced South Africa’s financial landscape. Under his leadership, the central bank navigated the global financial crisis of 2008, stabilising the economy through one of the toughest periods in modern financial history.
‘His role in shaping our democratic future, particularly during the final days of apartheid, cannot be overstated,’ said the African National Congress (ANC), describing Mboweni as a trusted voice in economic debates that shaped the nation’s transition to democracy.
Mboweni’s tenure as governor was also notable for his advocacy of the bank’s independence, ensuring it could focus on economic stability without political interference. This move was widely praised both locally and internationally.
In 2018, he returned to government as finance minister under President Cyril Ramaphosa, serving until 2021. During his time as finance minister, Mboweni tackled significant economic challenges, including rising national debt, stagnant growth, and the economic fallout of the COVID-19 pandemic. His calls for fiscal discipline and structural reforms were aimed at stabilising the economy, though his stance on cutting public spending often sparked debate within his party.
Mboweni remained a close ally of Ramaphosa throughout his career and served on the ANC’s National Executive Committee. His sudden death at 65 has left the nation in shock, with Ramaphosa expressing his deep sorrow. ‘We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator, and champion of labour rights,’ Ramaphosa said in a statement.
Mboweni’s contributions to labour reforms, central banking, and economic policy made him one of the most respected figures in South Africa. His advocacy for sustainable fiscal policies and economic transparency continues to influence the country’s economic direction.
The report released by the presidency acknowledged his energetic engagement with South Africans, saying, ‘Given his vitality and affable nature, his passing at 65 comes as a shock.’
His legacy as a transformative figure in South Africa’s economic and political history will endure, as will the policies he helped shape during his remarkable career.
