Tributes continue to pour in for Tito Mboweni

Minister of Finance Enoch Godongwana has passed his condolences to the family of former minister Tito Mboweni following his passing on Saturday evening.

First Labour Minister of the democratic dispensation

Mboweni served as Finance Minister from 2018 to 2021, following the role Governor of the South African Reserve Bank (SARB), and the first Labour Minister of the democratic dispensation.

“We have lost a titan. A thinker, a doer and above all – a patriot. I am lost for words and heart broken.

“It is hard to imagine the grief felt by those closest to him. Our thoughts are with them during this difficult time,” Godongwana said on Sunday.

‘Great loss’

The SARB joined the chorus of voices expressing condolences to the Mboweni family.

“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 throughout a distinguished career.

“Mr Mboweni guided South Africa through periods of great uncertainty, with a steady hand on the economy during the Global Financial Crisis of 2008 as Governor, and later shepherding the country’s finances through the challenges of the COVID-19 pandemic as Finance Minister,” the SARB said.

Mboweni served as Governor of the reserve bank for some 10 years – between 1999 and 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. During his tenure, the SARB introduced 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%.

“He advanced the modernisation of the SARB at large, including the national payment system, strengthened internal governance processes, and built a strong and sustainable leadership team. He played an impactful role on the global stage, driving meaningful change at various multilateral organisations,” the bank said.

The SARB added that it mourns Tito Mboweni’s passing.

“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.”

Helped to stabilise our macro-economic landscape

The South African Revenue Service (SARS) also paid tribute to Mboweni who helped to stabilise our macro-economic landscape in the pivotal roles he played as Governor of the Reserve Bank and Minister of Finance, working closely with SARS as part of the broader finance family.

For 10 years from 1999 to 2009, he was the Governor of the Reserve Bank, a decade that coincided with the 10 years served by the late Pravin Gordhan as Commissioner of SARS. It was this decade of stability in leadership, along with Mr. Trevor Manuel as the then Minister of Finance, that helped SARS in its strategic repositioning and modernization as a world-class revenue authority.

No other portfolio of government had such stability in leadership over such a long time, which was essential for building our democracy and strengthening institutions such as SARS and the Reserve Bank.

SARS Commissioner Edward Kieswetter paid homage to Mr. Mboweni as being a part of a generation of young leaders who prioritise the fight against apartheid when it seemed impossible to defeat the minority regime.

“Mr. Mboweni willingly made the sacrifices necessary to realise our goal of freedom in a non-racial, non-sexist and democratic order. His generation was known as the “young lions” because of their bravery and selflessness. For that, SARS salutes him for his fight against minority rule and for building our democracy. His leadership as Minister of Finance came at the most important juncture in the history of SARS after it had suffered a deliberate and systematic decimation of its governance in pursuit of corrupt intent. It was the late Minister Mboweni acting on the recommendation of the Committee that proposed to the President to appoint me as Commissioner of SARS.

Since May 2019, I had the pleasure of working alongside Tito Mboweni, as we started the journey to rebuild SARS, post the period of state capture. In the lead up to the recent elections, Tito called to encourage me to continue the work we are doing at SARS, stressing how important it is to never give up in strengthening our democracy. He was unwavering in his quest to help not only the rebuilding efforts but to ensure that SARS once more enjoys pride of place in our society. His wise counsel and unstinting support to SARS to fulfil its mandate of collecting all that is due to Government will be solely missed. Coming so soon after the passing of Mr. Gordhan this untimely death robs us as SARS and the broader South African society of a patriot, an irrepressible individual and an intellectual giant.

Farewell Tito, you have played your part, we shall continue the path of strengthening our fiscal policies and administrative capacity for the betterment of all South Africans.”

SARS wishes to convey its condolences and deepest sympathies to the extended Mboweni family on the sad passing away of the former Minister of Finance.

Hamba Kahle!

The South African website also pays tribute to the family and friend of Tito Mboweni.