Tito’s life

The youngest of three children, Tito Mboweni was born on 16 March 1959. He grew up in Tzaneen in the Limpopo Province. He attended the University of the North between 1979 and 1980, where he registered for a Bachelor of Commerce degree, but left South Africa to go into exile in his second year of studies. While in exile in Lesotho, he joined the African National Congress (ANC) and was an activist for the party in many capacities. He obtained a Bachelor of Arts (Honours equivalent) degree in Economics and Political Science from the National University of Lesotho in 1985. In 1987, he obtained a Master of Arts degree in Development Economics from the University of East Anglia in England.

Tito returned to South Africa after the unbanning of the African National Congress in 1990, serving as deputy head of the ANC’s Department of Economic Policy.

After South Africa’s first democratic election in 1994, Tito was appointed by President Nelson Mandela as the Minister of Labour, serving in that portfolio until the 1999 election. In this capacity, he is credited with being the architect of South Africa’s post-apartheid labour legislation.

However, the role that Tito is renowned for is that of South Africa’s first black Reserve Bank Governor, a position he held for a decade from 1999 to 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%.

During his tenure as SARB Governor, Tito was appointed Honorary Professor of Economics at the University of South Africa from 2000 to 2003. In 2001, the University of KwaZulu-Natal awarded him an Honorary Doctorate in Economics. Mr Mboweni was also elected Chancellor of the North-West University in 2002. Stellenbosch University appointed him Professor Extraordinary in Economics from 1 April 2002 to 31 March 2005.

After leaving the SARB, he continued to South Africa, working with a series of academic institutions and not-for-profit organisations. He also served on the boards of various companies.

Tito Mboweni returned to public service from 2018 to 2021, serving as the Minister of Finance in President Cyril Ramaphosa’s 6th Administration.

At the time of his passing, Tito served as Chairperson of the African Center for Economic Transformation (ACET), a global agency driving sustainable economic efforts through, among other things, increased productivity, upgraded technology and improved human well-being in the private and public sectors. He was also a director of various companies.

Tito “gave back” in many ways. He never forgot his community roots in Limpopo. He served on the Thabo Mbeki Foundation Council of Advisors, as Chairman & Trustee of the Fund Raising Committee for the Nelson Mandela Children’s Hospital, and as a Patron of the South African Ballet Theatre Company.

Amongst the many awards Tito received:

• African Central Bank Governor of the Year, in 2009
• Euromoney Central Bank Governor of the Year, in 2001
• One of the World Economic Forum’s Global Leaders of Tomorrow, in 1995