Former finance minister and Reserve Bank governor Tito Mboweni dies at 65

Former finance minister and Reserve Bank governor Tito Mboweni has died.

It is understood the Mboweni passed away on Saturday after a short illness. He was 65.

Tito Mboweni passes away

The Mboweni family said they are devastated by the former minister’s death.

“It is with deep sadness that the Mboweni Family announces the passing of former Reserve Bank governor and minister of finance Tito Titus Mboweni.

“The family is devastated by Governor Mboweni’s passing after a short illness. He passed away in hospital in Johannesburg on Saturday night surrounded by his loved ones.”

His brother Alto said the family has requested privacy at this difficult time as they come to terms with this “enormous loss”.

“Further details will be released over the next few days,” Alto said.

Ramaphosa’s condolences

Meanwhile, President Cyril Ramaphosa said he is deeply saddened by the passing of Mboweni.

Ramaphosa conveyed his condolences to the family and friends of the former minister.

“Given his sense of vitality and energetic and affable engagement with fellow South Africans, Dr Mboweni’s passing at 65 comes as a shock. We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights.

“As governor and finance minister, he had a sharp focus on fiscal discipline and economic transformation,” Ramaphosa said.

‘Flag bearer’

Ramaphosa said the former reserve bank governor 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.

“His passing is a great loss. May his soul rest in peace,” Ramaphosa said.

Biography

Mboweni was democratic South Africa’s first minister of labour from 1994 to 1999 in the Cabinet of former president Nelson Mandela.

He served as governor of the South African Reserve Bank for a decade from 1999.

From 2018 to 2021, Mboweni served as minister of finance in the administration led by Ramaphosa.