Former finance minister of South Africa and ex-governor of the South African Reserve Bank (SARB), Tito Mboweni, has died at the age of 65 following a short illness.
Widely respected for his role in stabilising South Africa’s economy, Mboweni passed away on Saturday night, surrounded by his family.
The Mboweni family released a statement expressing their deep sorrow and requesting privacy during this tough time.
The statement noted that Mboweni succumbed to a brief illness while receiving treatment in Johannesburg.
“It is with deep sadness that the Mboweni Family announces the passing of former Reserve Bank governor and minister of finance Tito Titus Mboweni. The family is devastated by governor Mboweni’s passing after a short illness. He passed away in hospital in Johannesburg on Saturday night surrounded by his loved ones,” the statement read.
Mboweni made history in 1999 when he became the first Black governor of the SARB, succeeding Chris Stals.
His tenure was distinguished by significant economic reforms, solidifying his status as a transformative figure in post-apartheid South Africa.
Over his decade-long service, Mboweni focused on maintaining financial stability amidst global economic changes.
He also served as Minister of Labour in Nelson Mandela’s Cabinet, contributing to the development of labour policies for the newly democratic nation.
In 2018, Mboweni was appointed Minister of Finance, where he continued to tackle South Africa’s economic challenges.
Known for his practical approach, he frequently used social media to communicate directly with the public, sharing his insights and occasionally sparking debate.
His time as finance minister was marked by efforts to balance fiscal discipline with the need to stimulate economic growth, despite ongoing budget deficits and slow economic progress.
The family has asked for privacy during this difficult time but mentioned that more information about memorial arrangements would be provided in the coming days.
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