Former finance minister and South African Reserve Bank governor Tito Mboweni has died at the age of 65, after a short illness. His family confirmed his death in a statement released on Saturday night. “It is with deep sadness that the Mboweni family announces the passing of Mboweni,” the statement read. The family added that
Former finance minister and South African Reserve Bank governor Tito Mboweni has died at the age of 65, after a short illness.
His family confirmed his death in a statement released on Saturday night.
“It is with deep sadness that the Mboweni family announces the passing of Mboweni,” the statement read. The family added that he died in a Johannesburg hospital surrounded by loved ones.
Mboweni served as democratic South Africa’s first minister of labour from 1994 to 1999 in the cabinet of Nelson Mandela.
He was the Reserve Bank governor for a decade from 1999 and the minister of finance in President Cyril Ramaphosa’s government from 2018 to 2021.
In 2022, Mboweni stepped down from the ANC’s national executive committee to join the private sector as an adviser for Goldman Sachs Group. He was also the chairperson of AngloGold Ashanti and held positions on the boards of several other companies.
Ramaphosa extended his condolences to Mboweni’s family and friends, calling the news “a shock”.
He said Mboweni’s “sense of vitality” and his “energetic and affable engagement” made the sudden loss difficult to comprehend.
Ramaphosa described Mboweni as “a leader and compatriot” who contributed significantly to South Africa’s socio-economic development.
He added that Mboweni was a “flag bearer in global forums”, representing both the South African economy and the broader interests of developing nations, adding that his personable side as a “social media star” made him connect with people throughout his public service.
“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,” Ramaphosa said.
“As governor and finance minister, he had a sharp focus on fiscal discipline and economic transformation. 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.
The ANC described Mboweni’s life as “a testament lived in sacrifice, dedication, and selfless service” to the people of South Africa.
ANC national spokesperson Mahlengi Bhengu-Motsiri said Mboweni would be remembered for his connection with the people he served.
“Comrade Tito will be remembered not only for his immense contributions to the economy, but also for his unwavering connection to the people he served.
“His legacy of dedication, innovation, and service will remain a guiding light for generations to come.
“We extend our heartfelt condolences to the Mboweni family, ANC structures and all South Africans who mourn the loss of this great man.”
She added that Mboweni’s influence extended beyond traditional economic spaces, as he was known for his activity on social media, where he engaged with the public on issues both serious and light-hearted.
“He often shared personal insights into his life, including his culinary interests and his passion for the culture of his hometown, Modjadjiskloof,” Bhengu-Motsiri said.
The Economic Freedom Fighters expressed their condolences and described Mboweni as a radical and unconventional policy idealist.
“While we often found ourselves at odds with the former minister on policy matters — disagreeing with his neoliberal and orthodox approach to economic policy — and engaged in heated debates in public, parliament, and private discussions, Dr Mboweni was always open to robust, frank and intellectual exchanges. Despite our differences, he did not shy away from engaging in rigorous debate.
“He was even known for proposing more radical and unconventional policy ideas, which, for someone with his background, surprised many,” the Red Berets said.”
Mboweni’s family has requested privacy.