Former Minister of Finance Tito Mboweni delivering the Mid Term Budget speech in Parliament and using the aloe plant as a symbol of economic resilience the country had to endure amidst the COVID-19 pandemic. Picture: Phando Jikelo Independent Newspapers
Former finance minister Tito Mboweni has been described as a vital cog that helped to stabilise South Africa’s macroeconomic landscape in the various roles he played in government.
Mboweni died on Saturday in a Johannesburg hospital surrounded by his loved ones after a brief illness. He was 65.
His death has dealt a blow to the National Treasury and the government’s finance institutions coming so soon after the passing of another former finance minister,Pravin Gordhan.
Mboweni served as Minister of Finance between 2018 and 2021, guiding South Africa’s economy through the worst of the Covid-19 pandemic. He returned to Cabinet reluctantly to serve as Finance Minister when President Cyril Ramaphosa came calling after former finance minister Nhlanhla Nene resigned under a cloud.
Finance Minister Enoch Godongwana yesterday said Mboweni served his country with immeasurable distinction.
“We have lost a titan. A thinker, a doer, and above all a patriot. I am lost for words and heart broken,” Godongwana said.
“It is hard to imagine the grief felt by those closest to him. Our thoughts are with them during this difficult time.”
Dr Iqbal Survé, the chairman of Sekunjalo Investments, said he knew Mboweni before South Africa became a free country in 1994 as they had travelled together with former President Nelson Mandela.
Survé described Mboweni as a man who could elicit diverse opinions from various people.
“But he was courageous and was always prepared to stand his ground, no matter how different it was to what others felt,” he said.
“'I’d spoken to him fairly recently, I think it was about a week or two ago, when we were discussing the advisory committee that he chaired with a number of other people, preparing a factual findings report on Sekunjalo. And we were also discussing the possibility of him chairing the governance committee for the group itself.
“We felt this was important in engagement with the banks. Tito, when he was Finance Minister, was brave enough to stand up in Parliament and say, ‘Why are you not giving Sekunjalo the opportunity to present their side of the story? And why are you harassing Sekunjalo?’
“He was firmly of the view that there was a campaign against Sekunjalo as one of the foremost black economic empowerment groups. In any event, he was a wonderful human being. There may have been political differences with many people, but in the end, most people spoke very fondly of Tito. Obviously, this is a very difficult time for his family, and we extend our condolences and wish them much strength from myself and the Sekunjalo group. And may his soul rest in peace.”
The youngest of three children, Mboweni was born on 16 March 1959 and grew up in Tzaneen in Limpopo.
He attended the University of the North between 1979 and 1980, where he registered for a Bachelor of Commerce degree, but left South Africa to go into exile in his second year of studies.
While in exile in Lesotho, he joined the African National Congress (ANC) and was an activist for the party in many capacities. He obtained a Bachelor of Arts (Honours equivalent) degree in Economics and Political Science from the National University of Lesotho in 1985.
In 1987, he obtained a Master of Arts degree in Development Economics from the University of East Anglia in England.
Mboweni was also the eight Governor of the South African Reserve Bank (SARB) between 1999 and 2009, but the first black Governor of the bank.
The SARB yesterday echoed similar sentiments about Mboweni, saying he played a meaningful role in driving economic transformation and social change throughout a distinguished career.
The bank said Mboweni guided South Africa through periods of great uncertainty, with a steady hand on the economy during the Global Financial Crisis of 2008 as Governor, and later shepherding the country’s finances through the challenges of the COVID-19 pandemic as Finance Minister.
“The role he is renowned for is that of South Africa’s first black Governor, a position he held for a decade from 1999 to 2009. He was a passionate central banker and played a key role in building the SARB into the professional, formidable and purposeful organisation it is today,” said the SARB.
“During his tenure, the SARB introduced live media conferences to publicly announce the decision of the Monetary Policy Committee, making it more transparent and accountable. He also introduced the Monetary Policy Forums in provinces across the country, giving ordinary South Africans the opportunity to engage directly with SARB officials.
“It was also under his leadership that the SARB implemented South Africa’s inflation targeting policy, spearheading efforts to reduce inflation to within the target of 3−6%.”
North West University Business School economist Prof Raymond Parsons said Mboweni was a formidable leader, with deep economic insights that greatly shaped SA’s post-apartheid policies and structures, such as the SARB, labour law and Nedlac.
“All these roles enlarged his sphere of influence in policy formation at various levels of governance. Tito Mboweni therefore increasingly brought his undoubtedly tough skills and experience to bear on policy decision-making in SA,” Parsons said.
“He was a leader of integrity, and interlocutors would know where they stood with him in debate.”
Mboweni served as Minister of Labour from May 1994 to July 1998 in South African President Nelson Mandela’s Cabinet.
Alan Mukoki, CEO of the SA Chamber of Commerce and Industry, said Mboweni was known to have a sharp intellect, was transparent in his dealings with collective business, and had a deep understanding of matters affecting his portfolios, South Africa and its economy and its challenges.
“His sterling work in pioneering the establishment of Nedlac and bringing various stakeholders such as big business, big labour, big government, and community groups together to debate policy, regulations, and legislation that affected South Africa will remain one of the major highlights of his legacy,” Mukoki said.
He also played a significant role in the sponsorship and navigation of the Labour Relations Act, as well as found ways to work with various stakeholders in the formulation of the Employment Equity Act. These were contentious pieces of major transformational legislation in South Africa that he navigated to completion and consensus building by the key stakeholders in business, government and labour.“
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