Ramaphosa mourns South Africa’s first black central bank chief --[Reported by Umva mag]

President Cyril Ramaphosa has expressed deep sorrow over the death of Tito Mboweni, South Africa’s first black central bank governor, who passed away at the age of 65 following a short illness.

The presidency on Monday confirmed Mboweni’s death on Saturday evening, noting he died in a Johannesburg hospital surrounded by family.

“We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights,” Ramaphosa said.

Mboweni, a veteran of the African National Congress and a respected economist, was a former anti-apartheid activist who spent nearly a decade in exile in Lesotho.

There, he completed his university education before earning a Master’s degree from the University of East Anglia in the United Kingdom.

Mboweni often described himself as a “global citizen,” encompassing a wide array of experiences that shaped his worldview.

Returning to South Africa in 1990, he became the country’s first minister of labour from 1994 to 1999 under President Nelson Mandela, where he played a pivotal role in developing post-apartheid labour laws.

His efforts laid the groundwork for collective bargaining agreements and the establishment of labour courts to protect workers’ rights.

Known for his principled stance and open debate style, Mboweni’s public persona was characterised by his humble attire, often wearing worn clothes that resonated with his earnest approach.

Mboweni served as the governor of the South African Reserve Bank for a decade starting in 1999, earning recognition for his effective management of monetary policy.

He was named Central Bank Governor of the Year by Euromoney magazine, lauded for his success in controlling inflation.

After his tenure at the reserve bank, Mboweni moved to the private sector, including a role as an international adviser at Goldman Sachs.

From 2018 to 2021, he served as finance minister in Ramaphosa’s administration where he was credited with stabilising the economy during challenging times.

Ramaphosa remarked on Mboweni’s vibrant personality, saying “he had a sharp focus on fiscal discipline and economic transformation and was a flag bearer for our economy in global forums.”

JN/APA

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