TITO MBOWENI DIES
Former Reserve Bank Governor, Tito Mboweni has passed away. He was 65 years old.
According to the Office of the Presidency, he died after “a short illness” on Saturday.
Mboweni was the minister of finance from 2018 until 2021 and the Governor of the South African Reserve Bank from 1999 until 2009.
Mboweni, who was the first black Governor, was praised by businesses and financial markets for keeping tight fiscal controls on the country’s spending.
He’s also known for deciding not to nationalise several industries. This controversial decision was made alongside former President Nelson Mandela when the two men visited Davos in Switzerland during the World Economic Forum.
Mboweni famously threw away his speech just before he was meant to go on stage.
Business Tech reports that one of Mboweni’s major achievements at the central bank was building up the nation’s foreign exchange reserves to almost $40 billion from less than $10 billion.
Tributes have been pouring in after his death was announced.
President Cyril Ramaphosa shared his thoughts.
“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.”
Image credit: The Citizen