South Africa is mourning the loss of former South African Reserve Bank (SARB) governor and finance minister Tito Mboweni, who passed away at the age of 65. His family confirmed the news in a statement on Saturday night, revealing that he died in a Johannesburg hospital after a short illness. The statement expressed their deep grief and asked for privacy as they process the tragic loss.
Born on 16 March 1959 in Tzaneen, Limpopo, Mboweni had a distinguished career in politics, finance, and academia. After obtaining his BA in Economics and Political Science from the National University of Lesotho in 1985, he pursued a Masters degree in Development Economics at the University of East Anglia in 1987. His educational background laid the foundation for a remarkable journey in both South African and global economic circles.
Mboweni’s political career took off when he was appointed as Minister of Labour in 1994 under the leadership of the late President Nelson Mandela. Before that, he served as the deputy head of the ANC’s Department of Economic Policy, contributing significantly to the party’s domestic and international economic policies.
His most notable role came when he became the eighth governor of the SARB, serving from 1999 to 2009. During his tenure, he played a pivotal role in shaping South Africa’s monetary policy, managing inflation, and maintaining financial stability. Mboweni had earlier joined the SARB in 1998 as an advisor to the governor, rising quickly to its top position.
In October 2018, Mboweni was appointed as Minister of Finance by President Cyril Ramaphosa, guiding the country through a turbulent economic period until his resignation in August 2021. His time as finance minister was marked by a no-nonsense approach to tackling South Africa’s fiscal challenges, even though his policies sometimes courted controversy.
After stepping down from his political career, Mboweni continued to contribute to the corporate world. He held roles such as regional advisor for Goldman Sachs, chairperson of Accelerate Property Fund, and non-executive director of Zijin Platinum in South Africa.
Mboweni’s influence extended beyond politics and finance, gaining a notable presence on social media, particularly on Twitter/X, where he embraced the title of “The Duke of the Duchy of Makgobaskloof.” His cooking posts often sparked playful banter from his followers, which he took in stride, endearing himself to many with his down-to-earth attitude and humorous interactions.
As South Africa reflects on Mboweni’s remarkable legacy, the nation remembers him as an influential leader, an economist of note, and a figure who shaped the country’s economic landscape during critical times. His family has stated that more details will be shared in the coming days as they come to terms with their loss.
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