Tito Mboweni Biography
Biography of Tito Mboweni. Tito Titus Mboweni (16 March 1959 – 12 October 2024) was a South African politician and economist who served as the Minister of Finance under President Cyril Ramaphosa from 2018 to 2021.
Mboweni made history as the first Black South African to be appointed as the Governor of the South African Reserve Bank, a role he held from 1999 to 2009. He was sworn in as Minister of Finance on 9 October 2018, following Nhlanhla Nene’s resignation.
Beyond his political career, Mboweni co-founded Mboweni Brothers Investment Holdings and served as an international advisor to Goldman Sachs International. He was also appointed as a non-executive Director for South Africa at the New Development Bank (BRICS Development Bank).
Early Life and Education
Tito Mboweni was born on 16 March 1959, the youngest of three children. He grew up in Tzaneen, Limpopo Province, and attended the University of the North, where he initially enrolled for a Bachelor of Commerce degree. However, in 1980, he left South Africa for exile and later became an active member of the African National Congress (ANC). He completed his Bachelor of Arts (Hons) in economics and political science from the National University of Lesotho in 1985, and later earned a Master of Arts in Development Economics from the University of East Anglia in 1988.
Political Career
Before his tenure as Minister of Labour, Mboweni was the Deputy Head of the Department of Economic Policy for the ANC, representing the party on both domestic and international stages. He played a key role in shaping the ANC’s economic policies as Chairperson of its Economic Transformation Committee.
From 1994 to 1998, Mboweni served as Minister of Labour under President Nelson Mandela. In this position, he introduced significant post-apartheid labor reforms, including policies on collective bargaining and the creation of labor courts. His influence was further recognized when he was named one of the World Economic Forum’s Global Leaders of Tomorrow in 1995.
Mboweni joined the South African Reserve Bank in 1998 as an advisor and became Governor in 1999, succeeding Dr. Chris Stals. During his decade-long tenure, he implemented the inflation-targeting policy to stabilize prices and navigated financial challenges, such as the sharp decline of the rand due to global and local events.
In academia, Mboweni was named honorary Professor of Economics at the University of South Africa (2000-2003) and served as Chancellor of North-West University (2002-2005). The University of Stellenbosch also appointed him as Professor Extraordinary in Economics during this period.
Private Sector Roles
In 2010, Mboweni became an International Adviser to Goldman Sachs International, offering strategic advice on business opportunities across South Africa and Sub-Saharan Africa. He also served as chairman of AngloGold Ashanti, among other directorships.
Finance Minister (2018–2021)
Mboweni was appointed Minister of Finance on 9 October 2018, after Nhlanhla Nene resigned. Throughout his tenure, Mboweni often clashed with the ANC’s traditional policies, advocating for liberal economic reforms. His 2019 economic recovery growth plan was met with resistance from alliance partners like the South African Communist Party and COSATU but was supported by some in the private sector. Notably, Telkom CEO Sipho Maseko criticized the plan, while others like Daniel Goldberg of Bridgement praised its potential to improve economic efficiency.
In 2020, Mboweni introduced an austerity plan aimed at reducing the state’s wage bill by R160.2 billion over three years and pushed for a zero-based budgeting system to prevent a sovereign debt crisis by 2024.
On 5 August 2021, he resigned as Finance Minister and was succeeded by Enoch Godongwana.
Post-Political Career
Mboweni stepped down as an ANC Member of the National Assembly in January 2022 to rejoin the private sector, where he became chairman of Accelerate, a property fund company.
Other Activities
- Mboweni was a member of the World Bank’s Board of Governors (2018–2021) and the Joint World Bank-IMF Development Committee.
- He served on the Board of Governors of the Asia School of Business (2015-2024).
Recognition
- 2015: Honorary Professor at the School of Economic and Business Sciences, University of the Witwatersrand.
- 2001: Honorary Doctorate of Economics, University of Natal.
Controversies
In January 2020, Mboweni proposed that South Africa and Lesotho form a federal state, a suggestion that sparked mixed reactions in both nations.
In August 2020, President Cyril Ramaphosa reprimanded Mboweni for comments on Twitter criticizing the dismissal of the Governor of the Bank of Zambia, which he argued undermined central bank independence.
Death
Mboweni passed away on 12 October 2024 at the age of 65 after a brief illness in Johannesburg.
In Popular Culture
In 2017, Mboweni became the subject of a popular South African rap song by Cassper Nyovest, in which his name is mentioned 75 times. The song symbolized wealth, as Mboweni’s signature appeared on the South African Rand note.