{"id":795196,"date":"2024-10-13T07:04:51","date_gmt":"2024-10-13T05:04:51","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=795196"},"modified":"2024-10-13T10:13:04","modified_gmt":"2024-10-13T08:13:04","slug":"former-reserve-bank-governor-tito-mboweni-has-died","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/795196\/former-reserve-bank-governor-tito-mboweni-has-died\/","title":{"rendered":"Former Reserve Bank Governor Tito Mboweni has died"},"content":{"rendered":"\n

Tito Mboweni, who was the first Black governor of the South African Reserve Bank was heralded by financial markets and business for keeping tight fiscal controls on the nation\u2019s public spending, has died. <\/p>\n\n\n\n

He was 65. <\/p>\n\n\n\n

The former governor died after a \u201cshort illness,\u201d the Office of the Presidency said late Saturday.  <\/p>\n\n\n\n

Mboweni served as central bank governor between 1999 and 2009 and as finance minister from October 2018 to August 2021. <\/p>\n\n\n\n

\u201cWe have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights,\u201d President Cyril Ramaphosa said. <\/p>\n\n\n\n

\u201cAs governor and finance minister, he had a sharp focus on fiscal discipline and economic transformation.\u201d<\/p>\n\n\n\n

Mboweni was appointed finance minister by Ramaphosa during his first term as leader of the country when the president pledged to combat corruption and rebuild confidence in an economy that was in the doldrums after nine years under former president Jacob Zuma. <\/p>\n\n\n\n

Mboweni previously served as South Africa\u2019s labour minister in the country\u2019s first democratic cabinet after the end of White minority rule in 1994.<\/p>\n\n\n\n

\u201cTito 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,\u201d Ramaphosa said.<\/p>\n\n\n

\n
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President Cyril Ramaphosa and former Finance Minister Tito Mboweni<\/figcaption><\/figure><\/div>\n\n\n

One of Mboweni\u2019s major achievements at the central bank was building up the nation\u2019s foreign exchange reserves to almost $40 billion from less than $10 billion.<\/p>\n\n\n\n

After his time at the reserve bank, Mboweni joined the private sector as an adviser in South Africa for Goldman Sachs Group Inc. He also served as chairman of AngloGold Ashanti Ltd. and sat on the boards of various other companies.  <\/p>\n\n\n\n

Mboweni was instrumental in the reserve bank\u2019s adoption of inflation targeting and maintaining price stability, in a \u201cfragile post-apartheid economy,\u201d according to the ruling African National Congress. <\/p>\n\n\n\n

The central bank governor was a member of the party\u2019s national executive council, its highest decision making body.<\/p>\n\n\n\n

\u201cHis contributions in this space helped steer South Africa through economic turbulence, and he was widely respected for this, both locally and internationally,\u201d the ANC said. <\/p>\n\n\n\n

\u201cThough his term was brief, he guided the country\u2019s economic policy during a critical period of transition following the departure of his predecessor.\u201d<\/p>\n\n\n\n

\n\n\n\n

Read<\/strong>: The man behind South Africa\u2019s most iconic and popular 50 cent sweets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Former SARB Governor and Finance Minister Tito Mboweni has passed away after a short illness. <\/p>\n","protected":false},"author":59,"featured_media":795216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,3619,11401],"class_list":["post-795196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-sarb","tag-tito-mboweni"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/795196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=795196"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/795196\/revisions"}],"predecessor-version":[{"id":795215,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/795196\/revisions\/795215"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/795216"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=795196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=795196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=795196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}