South African Reserve Bank Mourns Former Governor Tito Mboweni

The South African Reserve Bank (SARB) has announced the death of its 8th Governor and former Finance Minister, Tito Mboweni, aged 65.

Mr Mboweni died on Saturday after a brief illness, the SARB said in a statement.

The central bank praised Mr Mboweni’s “meaningful role in driving economic transformation and social change” throughout his career.

As South Africa’s first black central bank governor from 1999 to 2009, Mr Mboweni was credited with modernising the institution and implementing key reforms.

The SARB highlighted Mr Mboweni’s leadership during periods of economic turbulence. “Mr Mboweni guided South Africa through periods of great uncertainty, with a steady hand on the economy,” the statement said, noting his role as governor during the 2008 Global Financial Crisis and later as finance minister during the Covid-19 pandemic.

Before his role at the SARB, Mr Mboweni served as Minister of Labour from 1994 to 1999 in Nelson Mandela’s first democratic cabinet. The SARB said he was “the architect of South Africa’s post-apartheid labour legislation”.

As governor, Mr Mboweni introduced live media conferences to announce monetary policy decisions, Monetary Policy Forums across the country, and an inflation targeting policy.

The bank noted Mr Mboweni’s influence extended beyond South Africa, “driving meaningful change at various multilateral organisations”.

He held several academic appointments, including Honorary Professor of Economics at the University of South Africa, Professor Extraordinary in Economics at Stellenbosch University, and Chancellor of North-West University.

Born in 1959 in Tzaneen, Limpopo Province, Mr Mboweni left South Africa in his second year of university to go into exile. He joined the African National Congress (ANC) while in Lesotho, where he completed his bachelor’s degree. He later obtained a master’s degree in Development Economics from the University of East Anglia in England.

At the time of his death, Mr Mboweni was serving as Chairperson of the African Center for Economic Transformation (ACET).

The SARB concluded: “We will miss his candour and sharp wit, which endeared him to many. Our thoughts and prayers go out to his family during this difficult and trying time.”