Tito Mboweni facts for kids
Quick facts for kids
Tito Mboweni
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Mboweni speaking at the World Economic Forum on Africa, 2011
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| Minister of Finance | |
| In office 9 October 2018 – 5 August 2021 |
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| President | Cyril Ramaphosa |
| Deputy | David Masondo |
| Preceded by | Nhlanhla Nene |
| Succeeded by | Enoch Godongwana |
| Governor of the South African Reserve Bank | |
| In office 8 August 1999 – 8 November 2009 |
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| Preceded by | Chris Stals |
| Succeeded by | Gill Marcus |
| Minister of Labour | |
| In office 1994–1999 |
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| President | Nelson Mandela |
| Personal details | |
| Born |
Tito Titus Mboweni
16 March 1959 Tzaneen, Transvaal, Union of South Africa |
| Died | 12 October 2024 (aged 65) Johannesburg, Gauteng, South Africa |
| Citizenship | South Africa |
| Children | 3 |
| Alma mater | National University of Lesotho University of East Anglia |
Tito Titus Mboweni (born March 16, 1959, died October 12, 2024) was an important South African politician. He worked as the Minister of Finance for South Africa from 2018 to 2021. He served under President Cyril Ramaphosa.
Before this, Mboweni was the eighth Governor of the South African Reserve Bank. He was the first Black South African to hold this important job. He was Governor from 1999 to 2009. He became Minister of Finance on October 9, 2018, after Nhlanhla Nene resigned.
Mboweni also helped start Mboweni Brothers Investment Holdings. He was an international advisor for Goldman Sachs International. He was also a non-executive director for South Africa at the New Development Bank, which is part of BRICS.
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Early Life and Education
Tito Mboweni was the youngest of three children. He was born on March 16, 1959. He grew up in Tzaneen, a town in the Limpopo Province of South Africa.
From 1979 to 1980, he studied for a Bachelor of Commerce degree at the University of the North. He did not finish his studies there. In 1980, he left South Africa to live in exile.
While living in Lesotho, Mboweni joined the African National Congress (ANC). The ANC is South Africa's current ruling political party. He worked as an activist for the party in many ways.
In 1985, he earned a Bachelor of Arts degree in economics and political science. He got this degree from the National University of Lesotho. Later, in 1988, he earned a Master of Arts degree. This was in Development Economics from the University of East Anglia in England.
Political Career Highlights
Before becoming the Minister of Labour, Mboweni held a key role in the ANC. He was the Deputy Head of the Department of Economic Policy. He also represented the ANC at many events both in South Africa and around the world.
Mboweni was a member of important ANC committees. These included the National Executive and National Working Committees. He also led the Economic Transformation Committee. This group helped create the ANC's economic plans.
Minister of Labour (1994–1998)
Mboweni served as the Minister of Labour from May 1994 to July 1998. He was part of South African President Nelson Mandela's first cabinet. As Minister of Labour, Mboweni played a big role in creating new labour laws after apartheid.
These new laws allowed workers to bargain together for better conditions. They also set up special courts for labour disputes. In 1995, he was recognized as one of the World Economic Forum's Global Leaders of Tomorrow.
In 1997, Mboweni was put in charge of the ANC's Policy Department. This department managed how the ANC developed its policies. When he joined the South African Reserve Bank, he left all his positions in the ANC.
Governor of the Reserve Bank (1999–2009)
Mboweni started at the South African Reserve Bank in July 1998. He was the first Black Advisor to the Governor. On August 8, 1999, he became the Governor of the Reserve Bank. He took over from Dr. Chris Stals.
As Governor, he introduced a new policy called inflation targeting. This policy helped the bank keep prices stable. He also managed the South African rand when its value dropped due to global and local events.
During his time as Governor, Mboweni was also a professor. He was an honorary Professor of Economics at the University of South Africa from 2000 to 2003. He was also elected Chancellor of the University of the North-West. He became Chancellor on February 23, 2002. The University of Stellenbosch also made him a Professor Extraordinary in Economics.
Working in the Private Sector
In June 2010, Mboweni became an International Adviser for Goldman Sachs International. He gave advice on business growth, especially in South Africa and Sub-Saharan Africa. He also chaired the gold mining company AngloGold Ashanti. He held other company directorships too.
Minister of Finance (2018–2021)
On October 9, 2018, President Cyril Ramaphosa announced Mboweni as the new Minister of Finance. This happened right after Nhlanhla Nene resigned. From the start, Mboweni often had different ideas from the ruling ANC party.
The ANC often supports socialist policies. This is seen as a way to keep its partners, like the South African Communist Party and COSATU, happy. Mboweni, however, often suggested more liberal solutions. For example, his 2019 economic recovery plan was rejected by the SACP and COSATU.
His economic growth plan received mixed reactions. Some people in the public sector criticized it. For example, Telkom Group CEO Sipho Maseko said Mboweni's plans for the ICT sector were "ill-thought-out." However, the private sector reacted differently. Daniel Goldberg, CEO of Bridgement, praised the plan. He said it would help big state-owned companies pay their suppliers faster. This would make the economy more efficient. Phumlani Majozi also wrote that Mboweni's ideas would help South Africa's economy get back on track.
In June 2020, Mboweni suggested a new plan to cut government spending. This plan aimed to reduce the state's wage bill by R160.2 billion over three years. He also proposed a "Zero-based budget system." This was to avoid a sovereign debt crisis in 2024.
On August 5, 2021, Mboweni resigned as finance minister. Enoch Godongwana took over his position.
Later Private Sector Work
On January 31, 2022, Mboweni resigned as an ANC Member of the National Assembly. He did this to take a new job in the private sector. He was appointed chairman and independent non-executive director of Accelerate. This is a company that deals with property funds.
Other Activities and Recognition
Mboweni was involved in several other important organizations:
- He was an Ex-Officio Member of the Board of Governors for the World Bank (2018–2021).
- He was a Member of the Joint World Bank-IMF Development Committee (2018–2021).
- He was a Member of the Board of Governors for the Asia School of Business (from 2015).
He also received special recognition for his work:
- In 2015, he became an Honorary professor at the School of Economic and Business Sciences. This was at the University of the Witwatersrand.
- In 2001, he received an Honorary Doctorate of Economics from the University of Natal.
Death
Tito Mboweni passed away in a Johannesburg hospital on October 12, 2024. He was 65 years old and had been ill for a short time.
