The first black governor of South Africa’s central bank, who later became finance minister, has died at the age of 65.
Tito Mboweni has suffered a “temporary illness”, the presidency confirmed on Saturday evening, without elaborating.
“We have lost a leader and a countryman who served our nation as an activist, founder of economic policy and representative of workers’ rights,” said President Cyril Ramaphosa.
Mboweni’s family said they were devastated, he died at a Johannesburg hospital “surrounded by his loved ones”.
A former anti-apartheid activist, Mboweni spent nearly ten years in exile in Lesotho where he attended university.
That was followed by a Masters degree at the University of East Anglia in the UK.
“I guess you could call me a child in exile, a child from abroad born in South Africa,” he was quoted as saying in later years.
“But my home is in South Africa, Lesotho, Mozambique, United Kingdom, Zambia, Angola, Tanzania, Swaziland, USA, Switzerland, and all the places I lived in my youth. I hate small nationalism – I can’t stand it. I hate. xenophobia.”
He returned to South Africa in 1990, and served as the first minister of labor under President Nelson Mandela, playing a major role in shaping post-apartheid labor laws.
This laid the foundation for collective bargaining agreements and labor courts to protect workers’ rights.
He gained a reputation for being principled and ready to talk about issues openly, News 24 said.
Mboweni’s love of wearing old worn-out clothes and shoes stood out in his community.
During his 10 years as governor of the reserve bank, Mboweni received praise for his work, at one point being named banker of the year by the financial magazine Euromoney – which wrote that “his greatest achievement was keeping inflation under control”.
This was followed by work in the private sector, including as an international consultant for the global investment bank Goldman Sachs.
More recently, as the finance minister in President Ramaphosa’s government between 2018 and 2021, Mboweni has been credited with stabilizing the economy.
He took that position despite suggesting months earlier that he was too long in the tooth and maybe it was time for some new blood.
“Contrary to the wisdom of my team, please do not tell this thing. It is between us, I am not available for the Minister of Finance. You will not hire the same people again. It is time for new people. We are available to do that,” wrote X (former Twitter).
In his later years, he entertained South Africans with his adventurous lifestyle and funny cooking stories, sharing recipes and interacting with fans on social media.
Another fan commented after hearing of Mboweni’s death, “He left shoes too big to fill”.
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