Tito Mboweni
Tito Mboweni | |
|---|---|
| Born | 16 March 1959 Tzaneen, Limpopo Province, South Africa |
| Died | 12 October 2024 (aged 65) Johannesburg, South Africa |
| Occupation(s) | Politician, Economist |
| Years active | 1994–2024 |
| Known for | Minister of Finance of South Africa (2018–2021); Governor of the South African Reserve Bank (1999–2009) |
Tito Titus Mboweni (16 March 1959 – 12 October 2024) was a prominent South African statesman who held the position of Minister of Finance under President Cyril Ramaphosa from 2018 until 2021.
He made history as the eighth Governor of the South African Reserve Bank and was the first Black South African to assume this role, serving from 1999 through 2009. Mboweni was appointed Minister of Finance on 9 October 2018, succeeding Nhlanhla Nene after his resignation.
Mboweni was a co-founder of Mboweni Brothers Investment Holdings and previously acted as an international advisor to Goldman Sachs International. Additionally, he fulfilled the role of non-executive Director representing South Africa at the New Development Bank (BRICS Development Bank).
Early life and career
Born on 16 March 1959 as the youngest among three siblings, Tito Mboweni grew up in Tzaneen, located in Limpopo Province. Between 1979 and 1980, he attended the University of the North, pursuing a Bachelor of Commerce degree before leaving South Africa to live in exile in 1980.
While in exile in Lesotho, Mboweni became an active member of the African National Congress (ANC). He obtained a Bachelor of Arts (Hons) in economics and political science from the National University of Lesotho in 1985, followed by a Master of Arts in Development Economics from the University of East Anglia in England in 1988.
Political career
Prior to his appointment as Minister of Labour, Mboweni served as Deputy Head of Economic Policy within the ANC and was part of both its National Executive and National Working Committees. He also chaired the ANC's Economic Transformation Committee, playing a key role in shaping economic policy.
From May 1994 to July 1998, he held the office of Minister of Labour under President Nelson Mandela. During this period, he played a pivotal role in formulating labour laws for post-Apartheid South Africa, which facilitated collective bargaining rights and established labour courts. In recognition of his contributions, he was named one of the World Economic Forum's Global Leaders of Tomorrow in 1995.
In 1997, Mboweni headed the ANC's Policy Department overseeing policy formulation but resigned all ANC positions upon his appointment at the South African Reserve Bank (SARB).
He joined SARB as the first black Advisor to the Governor in July 1998. On 8 August 1999, he succeeded Chris Stals as Governor, implementing inflation targeting strategies to stabilize prices amid significant rand volatility.
Throughout his governorship, he held various honorary academic titles: Professor of Economics at University of South Africa (2000–2003), Chancellor of University of the North-West (appointed February 2002), and Professor Extraordinary in Economics at University of Stellenbosch (2002–2005).
Career in the private sector
In June 2010, Mboweni was named an International Adviser to Goldman Sachs International, offering strategic guidance on business expansion opportunities particularly within South Africa and Sub-Saharan Africa. He also chaired bullion mining company AngloGold Ashanti and occupied several corporate board positions.
Minister of Finance, 2018–2021
On 9 October 2018, following Nhlanhla Nene's resignation, President Cyril Ramaphosa appointed Mboweni as South Africa's Minister of Finance. During his term, Mboweni frequently opposed the ruling ANC's socialist-oriented policies, promoting instead market-friendly economic reforms. His 2019 plan for economic recovery was met with resistance from coalition partners such as the South African Communist Party and COSATU.
His growth strategy encountered significant criticism from the public sector; for instance, Sipho Maseko, CEO of Telkom Group, described the proposed ICT reforms—including plans for spectrum deployment—as poorly conceived. Conversely, leaders from the private sector welcomed the initiative. Daniel Goldberg, CEO of Bridgement, commended the plan for enhancing payment processes within state-owned enterprises, which could stimulate economic growth. Likewise, Phumlani Majozi, a columnist for Finance 24, supported Mboweni's approach as essential for rejuvenating South Africa’s economy.
In June 2020, Mboweni unveiled austerity measures designed to reduce government wage expenses by R160.2 billion over a three-year period and introduced a Zero-based budgeting framework aimed at averting a sovereign debt crisis projected for 2024.
Mboweni stepped down on 5 August 2021, with Enoch Godongwana succeeding him in the finance portfolio.
Joining the private sector
On 31 January 2022, Mboweni resigned his position as an ANC Member of Parliament to transition into the private sector. He took on the roles of chairman and independent non-executive director at Accelerate, a company specializing in property funds.
Other activities
- World Bank, Ex-Officio Member of the Board of Governors (2018–2021)
- Member of the Joint World Bank-IMF Development Committee (2018–2021)
- Asia School of Business, Board of Governors member (2015–2024)
Controversy
In January 2020, Mboweni became the first cabinet member since apartheid to suggest forming a federal union between South Africa and Lesotho. This proposal sparked diverse opinions across both nations.
In August 2020, President Cyril Ramaphosa publicly reprimanded Mboweni over tweets concerning the dismissal of the Bank of Zambia governor, underscoring the critical importance of central bank autonomy.
Death
Mboweni passed away on 12 October 2024 at a Johannesburg hospital after a brief illness, aged 65.
Recognition
- 2015 – Awarded honorary professorship at the School of Economic and Business Sciences, University of the Witwatersrand
- 2001 – Received Honorary Doctorate in Economics from University of Natal
In popular culture
In 2017, South African rapper Cassper Nyovest released a track in which Tito Mboweni’s name is mentioned 75 times within four minutes, emphasizing his connection to currency issuance through his signature on South African Rand notes.
External links
- Tito Mboweni biography, hosted on the African National Congress website (accessed 2008-08-20)