Tributes poured in on Sunday after the death of former finance minister and SA Reserve Bank (Sarb) governor Tito Mboweni, who is remembered for his sharp focus on fiscal discipline, economic transformation and culinary skills.
Mboweni died on Saturday night at a Johannesburg hospital after a short illness, his family announced.
“The family is devastated by governor Mboweni’s passing after a short illness. He passed away in a hospital in Johannesburg on Saturday night, surrounded by his loved ones,” read the statement from his brother.
He served as the country’s finance minister from October 2018 to August 2021. Before that, he served as the eighth SA Reserve Bank governor from 1999 to 2009. He first joined the Bank in July 1998 as an adviser to the governor.
Mboweni also served as labour minister in former president Nelson Mandela’s cabinet from May 1994 to July 1998, and before that worked as the deputy head of the department of economic policy in the ANC.
President Cyril Ramaphosa said Mboweni’s death was a great loss. He said as Bank governor and finance minister Mboweni had a sharp focus on fiscal discipline and economic transformation.
“We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights,” the president said.
“Tito Mboweni distinguished himself in different strategic roles in the private sector and was a flag bearer in global forums for our economy and developing economies more broadly.
“He conducted himself with expert rigour while maintaining the personable touch that made him a social media star and ambassador for Modjadjiskloof’s culinary traditions.”
Modjadjiskloof is a small town situated at the foot of the escarpment in Limpopo, which boasts rich forestation.
The Sarb hailed him for the role he was renowned for — SA’s first black governor, a position he held for a decade from 1999 to 2009.
The Reserve Bank said he was a passionate central banker and played a key role in building the Bank into the professional, formidable and purposeful organisation it is today.
“During his tenure, the Sarb introduced live media conferences to publicly announce the decision of the monetary policy committee, making it more transparent and accountable. He also introduced the monetary policy forums in provinces across the country, giving ordinary South Africans the opportunity to engage directly with Sarb officials,” read a statement from the Bank.
The Reserve Bank said it was also under his leadership that it implemented SA’s inflation targeting policy, spearheading efforts to reduce inflation to within the target of 3−6%.
His political party, the ANC, said Mboweni’s life was a testament to a life lived with sacrifice, dedication and selfless service to the people of SA.
According to the ANC, Mboweni abandoned his studies to go into exile during the height of apartheid in 1980. The party said Mboweni contributed greatly to the economic debates that framed the transition to democracy, making him one of the trusted voices of reason within the ANC.
He was one of the prime figures in the government of national unity led by president Nelson Mandela.
The EFF also expressed its condolences and joined the nation in mourning the loss of Mboweni.
The party said while it often found itself at odds with Mboweni on policy matters — disagreeing with his neoliberal and orthodox approach to economic policy — and engaged in heated debates with him, he was always open to robust, frank and intellectual exchanges.
“Despite our differences, he did not shy away from engaging in rigorous debate. Notably, Dr Mboweni advocated for the creation of a state-owned bank, a sovereign wealth fund and the nationalisation of the SA Reserve Bank, as articulated in one of his social media posts that became a defining point in our debates with him, which came as a surprise,” the EFF said in a statement.
Saftu general secretary Zwelinzima Vavi said that Mboweni was central to the rights that workers in SA enjoy today.
“We are shocked. We kept very close contact with Tito Mboweni. Almost every week or so we would exchange views and ideas,” said Vavi, a former Cosatu general secretary.
“Tito, as a unionist, played a critical role in the fight for worker rights. We are talking here about the colossal pioneer in the championing of the labour market post-apartheid, which we take for granted today,” he said.
The AU on Sunday also expressed shock at Mboweni’s passing.
“Continentally, his rigorous thought leadership and strategic vision to the AU reforms of which he was chair, cannot be overstated,” AU commission chair Moussa Faki Mahamat said in a statement.
“Hambe Kahle, my brother. With our heartfelt condolences to his loved ones, the government and people of SA.”
With Hajra Omarjee
Update: October 13 2024
This story has been updated to include more comment.
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