JOHANNESBURG – Tito Mboweni, South Africa’s former finance minister, labour minister, and the first Black governor of the country’s central bank, has passed away at the age of 65 following a brief illness, the presidency announced on Saturday.
Mboweni, a notable anti-apartheid activist during his student years, played a significant role in shaping South Africa’s post-apartheid economic policies. He became the first labour minister of democratic South Africa in 1994 under President Nelson Mandela, where he introduced crucial labour legislation promoting collective bargaining and the establishment of labour courts.
From 1999 to 2009, Mboweni served as the governor of the South African Reserve Bank, overseeing the introduction of inflation targeting, a vital policy tool in achieving price stability. In 2018, President Cyril Ramaphosa appointed Mboweni as finance minister, a role he held until 2021.
The African National Congress (ANC), to which Mboweni was a trusted member, lauded his pivotal contributions to the country’s democratic transition and economic development. “His role in shaping our democratic future… cannot be overstated,” the ANC said in a statement.
President Ramaphosa expressed his deep sorrow at Mboweni’s passing, calling him a leader, an economic innovator, and a defender of labour rights. “We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator, and champion of labour rights,” said Ramaphosa. Mboweni’s legacy leaves an indelible mark on South Africa’s journey towards democracy and economic stability.