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Tito Mboweni, South Africa’s first Black central bank governor and former finance minister, has passed away at the age of 65 following a short illness, the presidency confirmed on Saturday.
President Cyril Ramaphosa paid tribute, saying, “We have lost a leader and compatriot who served our nation as an activist, economic policy innovator, and champion of labour rights.” Mboweni’s family expressed their devastation, stating he passed away in a Johannesburg hospital, surrounded by loved ones.
A former anti-apartheid activist, Mboweni spent nearly a decade in exile in Lesotho, where he attended university before earning a master’s degree from the University of East Anglia in the UK. Reflecting on his life, Mboweni once described himself as an “international kid” shaped by his experiences in South Africa and countries like Lesotho, Mozambique, the UK, and Tanzania. “I hate narrow nationalism – I cannot stand it. I hate xenophobia,” he said.
Returning to South Africa in 1990, Mboweni became the country’s first labour minister under Nelson Mandela. He played a pivotal role in drafting post-apartheid labour laws that established the foundations for collective bargaining and labour courts to protect workers’ rights.
Known for his principled approach and openness to debate, Mboweni also earned a reputation for his modest personal style, often seen in worn clothes and shoes, which endeared him to the public. During his decade-long tenure as governor of the South African Reserve Bank, he was lauded for his work in bringing inflation under control, earning accolades like “central bank governor of the year” from *Euromoney* magazine.
Mboweni transitioned into the private sector after his time at the central bank, working as an international adviser to Goldman Sachs, among other roles. In 2018, despite previously stating it was time for new leadership, he returned to public office as finance minister under Ramaphosa. During his tenure, he was credited with stabilising the economy.
“Against the wisdom of my team… I am not available for minister of finance,” he had written on X (formerly Twitter) months before taking the post, emphasizing the need for fresh faces in government. “It is time for young people. We are available for advisory roles. Not cabinet. We have done that.”
In his later years, Mboweni became a beloved figure on social media, known for his relaxed lifestyle and humorous posts about cooking, often sharing recipes with his followers. Reflecting on his passing, one follower remarked, “He’s left shoes too big to fill.”
