Tito Mboweni leaves a stellar legacy behind

Tito Mboweni was known for his forthright views and has been hailed for the significant impact he made in both the public and private sectors in South Africa. President Cyril Ramaphosa said Mboweni’s death on Saturday at the age of 65 was a shock.

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

RIP Tito Mboweni: ‘Sharp focus on fiscal discipline’ – Ramaphosa

“As a former governor of the SA Reserve Bank (Sarb) and finance minister, he had a sharp focus on fiscal discipline and economic transformation,” Ramaphosa said.

Mboweni’s family said in a statement on Saturday evening the former minister had died after a short illness.

“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,” Ramaphosa added.

ALSO READ: Former finance minister and Reserve Bank governor Tito Mboweni dies at 65

Humble beginnings

Mboweni came from humble beginnings in the poverty-stricken village of Bordeaux in Limpopo.

His journey to becoming South Africa’s first black governor of the Sarb in 1999 was marked by notable achievements. He steered the country through the 2008 global financial crisis, providing steady leadership.

‘Passionate central banker’ – Sarb

“Mr Mboweni’s passing is a great loss to South Africa, the continent and the global economic community.

“He played a meaningful role in driving economic transformation and social change.

“He was a passionate central banker and was instrumental in building the Sarb into the professional, formidable institution it is today,” Sarb noted in a statement.

Sharp intellect and transparency

SA Chamber of Commerce and Industry CEO Alan Mukoki said: “He was known for his sharp intellect, transparency in business dealings, and deep understanding of economic challenges.

“As governor of the Sarb, he brought transparency and credibility to SA’s monetary policy and elevated the Sarb to one of the most highly regarded central banks globally,” Mukoki said.

Minister of labour

Mboweni’s contributions as minister of labour left an unmatched legacy. Under his tenure, critical labour laws were passed, including the Labour Relations Act, the Basic Conditions of Employment Act and laws on occupational health and safety, skills development and employment equity.

The National Economic Development and Labour Council was also created.

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Cosatu on Mboweni: ‘Revolutionary’ contributions to labour’

The Congress of SA Trade Unions’ Matthew Parks described his contributions to labour as revolutionary, calling him a man of integrity and principles.

“Mboweni played a historic role in putting in place the many progressive labour laws that today enshrine millions of workers’ rights to form trade unions, to collective bargaining and to strike.

“That set minimum conditions for service and protects the rights of the most vulnerable,” Parks said.

ANC and EFF pays tribute

ANC secretary-general Fikile Mbalula said Mboweni’s death was a loss for SA as he had played a crucial role in “shaping the country’s economic policies”.

The EFF said: “While we often were at odds with the former minister on policy matters – disagreeing with his neoliberal and orthodox approach to economic policy – he was always open to robust, frank and intellectual exchanges.”

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