‘An immense loss for SA’: Reserve Bank honours Tito Mboweni

The South African Reserve Bank (SARB) has praised former governor Tito Mboweni for his leadership during times of significant uncertainty, steering the economy with a steady hand through the 2008 global financial crisis as governor and later facing the challenges of the COVID-19 pandemic as finance minister.

Mboweni passed away on Saturday, 12 October, at a hospital in Johannesburg following a short illness.

SA RESERVE BANK PAYS TRIBUTE TO TITO MBOWENI

The SARB said the role Mboweni is renowned for is that of South Africa’s first black Governor, a position he held for a decade from 1999 to 2009.

“He was a passionate central banker and played a key role in building the SARB into the professional, formidable and purposeful organisation it is today,” a statement from the reserve bank read.

Further, the central bank hailed Mboweni for introducing live media conferences to publicly announce the decision of the Monetary Policy Committee, making it more transparent and accountable.

“He also introduced the Monetary Policy Forums in provinces across the country, giving ordinary South Africans the opportunity to engage directly with SARB officials. It was also under his leadership that the SARB implemented South Africa’s inflation targeting policy, spearheading efforts to reduce inflation to within the target of 3−6%.

“We will miss his candour and sharp wit, which endeared him to many. Our thoughts and prayers go out to his family during this difficult and trying time,” the reserve bank said.

RAMAPHOSA MOURNS FORMER GOVERNOR’S PASSING

President Cyril Ramaphosa has also paid tribute to Mboweni.

Ramaphosa said Mboweni’s passing at 65 is a shock given his vitality and energetic and affable engagement with fellow South Africans. 

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

“As governor and finance minister, he had a sharp focus on fiscal discipline and economic transformation,” the president said. 

Further, Ramaphosa said Tito Mboweni distinguished himself in different strategic roles in the private sector and was a flag bearer in global forums for our economy and developing economies more broadly.

“He conducted himself with expert rigour while maintaining the personable touch that made him a social media star and ambassador for Modjadjiskloof culinary traditions. His passing is a great loss. May his soul rest in peace.”