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Tito Mboweni, a prominent figure in South Africa’s political and economic landscape, passed away at the age of 65 after a brief illness. Mboweni made history as South Africa’s first Black central bank governor following the end of apartheid. His contributions to the country’s transition to democracy were significant, with his tenure as the labor minister in Nelson Mandela’s cabinet and later as the central bank governor under the African National Congress.
Mboweni faced challenges in rebuilding the central bank, as many white staff members left their positions due to reluctance to work under a Black leader. Despite this, he was able to retain some employees and restore the bank’s credibility in the realm of monetary policy. His efforts were recognized in the townships, where the currency he signed became affectionately known as “Titos.”
Born in a remote area of Transvaal in 1959, Mboweni’s journey to becoming a key figure in South African politics was marked by his radicalization at university and subsequent studies in economics in the UK. Known for his larger-than-life personality and eclectic interests, Mboweni was a complex character who remained loyal to the ANC throughout his life, despite his divergent views on economic policies.
Following his tenure at the central bank, Mboweni ventured into the private sector, serving as the chairman of AngloGold Ashanti and advising Goldman Sachs. He later returned to government as the finance minister under President Cyril Ramaphosa, guiding the economy through the challenges posed by the Covid-19 pandemic.
Mboweni’s outspoken nature often landed him in controversial situations, such as his public stance against investing in South African Airways. Despite the challenges he faced, Mboweni was recognized for his unwavering commitment to the ANC and its principles.
His sudden passing was met with shock and sorrow, with President Ramaphosa and other political figures expressing their condolences and acknowledging Mboweni’s significant contributions to South Africa’s economic development. The central bank also paid tribute to Mboweni’s candor and wit, which will be dearly missed.
In a 2019 interview, Mboweni reflected on his legacy and expressed his hopes of leaving a lasting impact on the ANC. His dedication to the party and his commitment to economic progress for Black South Africans will be remembered as part of his enduring legacy.
