Former finance minister Tito Mboweni and president Cyril Ramaphosa after last year's budget speech. (Photo by Brenton Geach/Gallo Images via Getty Images)
Tito Mboweni, former finance minister and governor of the South African Reserve Bank, has died at the age of 65 after a short illness.
His family confirmed his death in a statement released Saturday night.
“It is with deep sadness that Mboweni's family announces his death,” the statement said. The family added that he died surrounded by his loved ones in a Johannesburg hospital.
Mboweni served as democratic South Africa's first Minister of Labor in Nelson Mandela's cabinet from 1994 to 1999.
He served as Reserve Bank governor for 10 years from 1999 and as finance minister in President Cyril Ramaphosa's government from 2018 to 2021.
Mboweni resigned from the ANC's national executive committee in 2022 and joined the private sector as an advisor to Goldman Sachs Group. He is also the Chairman of AngloGold Ashanti and has held positions on the boards of several other companies.
Prime Minister Ramaphosa expressed his condolences to Mboweni's family and friends, saying the news was “devastating”.
He said Mr Mboweni's “sense of vitality” and “energetic and affable manner” made his sudden death difficult to understand.
President Ramaphosa described Mboweni as a “leader and compatriot” who had contributed significantly to South Africa's social and economic development.
He added that Mr Mboweni is a “standard bearer for the world forum” representing both the South African economy and the broader interests of developing countries, adding that his personality as a “social media star” allows him to interact with people through public service. He added that it created a connection.
“Dr Mboweni’s death at the age of 65 is shocking given his vitality and energetic and amiable engagement with fellow South Africans. We have lost a leader and a compatriot who has served the country as a defender of rights,” Ramaphosa said.
“As Governor and Minister of Finance, he focused on fiscal discipline and economic transformation. was the standard-bearer for the global forum for
The ANC said Mboweni's life was a “living testament to sacrifice, dedication and selfless service” to the people of South Africa.
ANC national spokesperson Mahlengi Bhengu-Motsili said Mr Mboweni would be remembered for his connection to the people he served.
“Comrade Tito will be remembered not only for his significant contribution to the economy, but also for his unwavering ties with the people he served.
“His legacy of dedication, innovation, and service will continue to be a guiding light for generations to come.
“We extend our deepest condolences to Mboweni's family, the ANC organization and all South Africans who mourn the loss of this great man.”
She said Mboweni's influence extended beyond traditional economic spheres and that he was known for his activity on social media, where he interacted with the public on both serious and light-hearted issues. added.
“He often shared personal insights about his life, such as his interest in cooking and his passion for the culture of his hometown Modjadyskloof,” Bengu-Motsiri said.
Economic freedom fighters expressed their condolences, describing Mr Mboweni as a radical and unconventional policy idealist.
“We often disagreed with the former minister on policy issues, disagreed with his neoliberal and orthodox economic policy approach, and engaged in heated debates in public, in parliament, and in private discussions. However, Dr. Mboweni was always open and receptive to honest opinions and intellectual exchanges. Despite our differences, he did not hesitate to engage in rigorous discussions. .
“He was known for even proposing more radical and unconventional policy ideas, which surprised many for someone with his background,” the Red Berets said.
Mboweni's family has requested privacy.