Former finance minister Tito Mboweni will rejoin Goldman Sachs as a regional adviser, adding the global investment bank to the portfolio of private sector posts he has been building since he resigned from parliament in January.
Mboweni, who spent eight years as a regional adviser to Goldman Sachs after he completed his decade-long term as Reserve Bank governor in 2010, was replaced by Enoch Godongwana as finance minister in a cabinet reshuffle in August 2021.
Mboweni indicated at the time that he would pursue a career in the private sector and was recently appointed chair of Accelerate Property Fund.
Goldman Sachs said Mboweni would provide strategic advice to the firm on business development opportunities with a particular focus on SA and Sub-Saharan Africa.
“Tito joins our group of regional advisers and brings extensive knowledge of the business landscape to our firm,” said Goldman Sachs International CEO Richard Gnodde; the bank’s SA CEO, Jonathan Penkin; and MD Simon Denny on Thursday.
The investment bank has been expanding its SA presence rapidly since Penkin took over as CEO at the end of 2019, gaining a full branch banking licence and building its trading and debt capital market activities.
It hired Denny, who had been head of Barclays African banking operations, to head its investment banking division in 2021 as well as hiring former Standard Bank executive Zoya Sisulu to lead its debt capital markets operation.
Mboweni served as minister of labour in the first Nelson Mandela cabinet from 1994 to 1998 and then as Reserve Bank governor from 1999 to 2009.
In the years between his time at the Bank and his appointment as finance minister in 2018, he chaired AngloGold Ashanti and served on the boards of Nampak, Discovery Bank and Accelerate.
He has degrees in economics and political science from the National University of Lesotho and University of East Anglia.
Godongwana is due to present the budget in parliament on February 23.
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