Tributes continue to pour in following the unexpected death of SA’s former finance minister and governor of the South African Reserve Bank (Sarb), Tito Mboweni, on Saturday evening, Cape {town} Etc reports.
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Mboweni, who retired from active politics in August 2021 following a cabinet change, died following a short illness.
During Nelson Mandela’s presidency in 1994, he was also South Africa’s first labour minister. In addition to his political career as a long-time ANC member and anti-apartheid fighter, Mboweni oversaw various boards in between ministerial appointments in government.
Before being named finance minister by President Cyril Ramaphosa in 2018, Mboweni chaired the Tourism Business Council of South Africa (TBCSA). Mboweni previously led the board of AngloGold Ashanti, served as an international advisor to Goldman Sachs, and was the non-executive chairman of Nampak Limited.
After leaving government in 2021, he was reappointed as chair of the problematic JSE-listed property business Accelerate Property Fund (APF) in early 2022. He was chairman of APF when it was listed on the JSE in December 2013.
Mboweni, who grew up in Limpopo, called himself ‘the Duke of Magoebaskloof’ on X (previously Twitter) and frequently spoke about the beauty of the place.
‘We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights,’ Ramaphosa said in a statement on Saturday evening.
‘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 added.
Yesterday, the South African Revenue Service (SARS) praised Mboweni’s ‘integral [role in] SA’s macroeconomic stability.’
‘Sars pays special tribute to the late Tito Mboweni, who helped to stabilise our macro-economic landscape in the pivotal roles he played as Governor of the Sarb and Minister of Finance, working closely with Sars as part of the broader finance family,’ the tax agency said in a statement.
‘For ten years, from 1999 to 2009, he was the Governor of the Reserve Bank, a decade that coincided with the 10 years served by the late Pravin Gordhan as Commissioner of Sars.’
‘It was this decade of stability in leadership, along with Trevor Manuel as the then Minister of Finance, that helped Sars in its strategic repositioning and modernisation as a world-class revenue authority,’ it added.
‘No other portfolio of government had such stability in leadership over such a long time, which was essential for building our democracy and strengthening institutions such as Sars and the Reserve Bank,’ Sars said.
The EFF also expressed condolences and mourned Mboweni’s death alongside the rest of the nation. While the party disagreed with Mboweni’s neoliberal and conventional approach to economic policy and had intense discussions with him, it stated that he was always open to strong, candid, 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 South African 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.
Mboweni also became an unofficial spokesperson for Lucky Star after promoting his cooking efforts on social media.
‘We lost a true South African icon,’ posted the tinned fish company. ‘His unwavering dedication to South Africa’s growth and leadership has left a lasting legacy.’
‘Our thoughts are with his family and loved ones during this difficult time. May his soul rest in peace.’
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Picture: Tito Mboweni / Facebook
