|Minister of Finance|
9 October 2018 – 5 August 2021
|Preceded by||Nhlanhla Nene|
|Succeeded by||Enoch Godongwana|
|Governor of the South African Reserve Bank|
8 August 1999 – 8 November 2009
|Preceded by||Chris Stals|
|Succeeded by||Gill Marcus|
|Minister of Labour|
Tito Titus Mboweni
16 March 1959
Tzaneen, Limpopo, South Africa
|Alma mater||National University of Lesotho |
University of East Anglia
Mboweni was the eighth Governor of the South African Reserve Bank and the first Black South African to hold the post. He was sworn in as Minister of Finance on 9 October 2018, following Nhlanhla Nene's resignation.
Mboweni is a founding member of Mboweni Brothers Investment Holdings and a former international advisor of Goldman Sachs International. He has been appointed as a non executive Director for South Africa at the New Development Bank (BRICS Development Bank).
Early life and careerEdit
The youngest of three children, Tito Mboweni was born on 16 March 1959. He grew up in Tzaneen in the then Transvaal Province. He attended the University of the North between 1979 and 1980, where he registered for a Bachelor of Commerce degree. He did not complete his studies there and left South Africa to go into exile in 1980.
While in exile in Lesotho, Mboweni joined the African National Congress (ANC), South Africa's current governing party, and was an activist for the party in many capacities. He obtained a Bachelor of Arts (Hons) in economics and political science from the National University of Lesotho in 1985. In 1988 he obtained a Master of Arts in Development Economics from the University of East Anglia in England.
Prior to his appointment as Minister of Labour, Mboweni was Deputy Head of the Department of Economic Policy in the ANC. He also represented the ANC on several domestic and international platforms. Mboweni was a member of the ANC's National Executive and National Working Committees and was also Chairperson of the National Executive Committee's Economic Transformation Committee, which coordinated the development of ANC economic policies.
Mboweni served as Minister of Labour from May 1994 to July 1998 in South African President Nelson Mandela's cabinet. While Minister of Labour Mboweni was the architect of South Africa's post-Apartheid labour legislation, which allowed for collective bargaining and the establishment of labour courts. He became one of the World Economic Forums Global Leaders of Tomorrow in 1995.
In 1997 Mboweni was appointed head of the ANC's Policy Department which was responsible for managing ANC policy processes. Upon joining the South African Reserve Bank, he resigned all of his elected and appointed positions in the ANC.
Mboweni joined the South African Reserve Bank in July 1998 as Advisor to the Governor. On 8 August 1999 he succeeded Dr. Chris Stals as Governor of the Reserve Bank. As governor, he oversaw the launch of the inflation targeting policy to help the bank achieve price stability and dealt with the rand's plunge due to global and local events.
During his tenure, Mboweni was appointed honorary Professor of Economics at the University of South Africa for 2000 to 2003. The Governor was also elected Chancellor of the University of the North-West and was installed as Chancellor on 23 February 2002. The University of Stellenbosch appointed the Governor Professor Extraordinary in Economics for the period 1 April 2002 to 31 March 2005.
Career in the private sectorEdit
In June 2010, Mboweni was appointed an International Adviser of Goldman Sachs International, where he provided strategic advice to the firm on business development opportunities, with a particular focus on South Africa and Sub-Saharan Africa. He also served as chairman of bullion producer AngloGold Ashanti, among other company directorships.
Minister of Finance, 2018–2021Edit
On 9 October 2018, Mboweni was announced by President Cyril Ramaphosa as the new Minister of Finance of the Republic of South Africa with immediate effect following Nhlanhla Nene's resignation. From the beginning of his tenure Mboweni often found himself at odds with the ruling ANC policy and ideology. The ruling ANC has always inclined itself towards socialist policies, a stance which has been viewed as a form of appeasing its alliance partners, the South African Communist Party and COSATU. On the other hand, Mboweni has continuously proffered liberal solutions such as his 2019 economic recovery growth plan which has been rejected by SACP and COSATU.
His economic growth plan was widely criticised in the Public Sector. In an opinion piece, Telkom Group CEO Sipho Maseko slammed Mboweni's proposed reforms for the ICT sector, particularly plans related to the rollout of spectrum, as being "ill-thought-out". However the response was different in the private sector, CEO of Bridgement Daniel Goldberg during his Sage tour to Cape Town, Johannesburg, and Durban hailed the plan, saying "it will improve the rate at which big state owned enterprises pays its suppliers consequently increasing efficiency in the economy. Phumlani Majozi in his opinion piece on Finance 24 argued that "Mboweni's ideas on how to revamp this economy, presented in his recent paper, titled "Economic Transformation, Inclusive Growth and Competitiveness: Towards an Economic Strategy for South Africa", are what will get this country back on track."
In June 2020, Mboweni proposed a new austerity policy, to cut the state's wage bill of R160.2 billion over three years and to adopt a Zero-based budget system in order to avoid a sovereign debt crisis in 2024.
In August 2020, President Cyril Ramaphosa “strongly reprimanded” Mboweni over comments he made on Twitter about the dismissal of Zambia’s central bank governor Denny Kalyalya. In a statement, the presidency explained that “in one of his tweets, Minister Mboweni is promising to mobilise if not given reasons why the Central (bank) Governor has been fired,” citing the need for central bank independence.
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- Olivia Kumwenda-Mtambo (October 10, 2018), Ex-central banker Mboweni takes on South Africa's hobbling economy Reuters.
- "Tito Mboweni joins Goldman Sachs". Mail & Guardian. April 26, 2010. Retrieved October 4, 2013.
- "NEWS JUST IN: Nhanhla Nene resigns from his post as Finance Minister". IOL. October 9, 2018. Retrieved October 9, 2018.
- Mkhwananzi, Siyabonga (1 September 2019). "Tito Mboweni under fire over economic growth plan". IOL. Retrieved May 27, 2021 – via Google Cache.
- Omarjee, Lameez (2 September 2019). "'Chaotic, incoherent': Telkom CEO slams Mboweni's growth plan". News24.
- "The State of Fintech and SMEs in South Africa – 2019". Bridgement. 4 September 2019. Retrieved 6 October 2019.
- Majozi, Phumlani (4 October 2019). "OPINION: Mboweni is the only rational minister in Ramaphosa's lousy government". Finance 24.
- Magubane, Khulekani (June 18, 2020). "'The situation has radically changed': Mboweni's grim warning ahead of supplementary budget". News24.com. Archived from the original on June 19, 2020. Retrieved May 27, 2021.
- Staff Writer (5 August 2021). "Enoch Godongwana is SA's new minister of finance as Mboweni resigns". fin24.
- Board of Governors World Bank.
- 2019 Members Joint World Bank-IMF Development Committee.
- Board of Governors: Tito Titus Mboweni Asia School of Business.
- "Tito Mboweni to join Wits University". sowetanlive. Retrieved 23 December 2017.
- Olivia Kumwenda-Mtambo (August 24, 2020), South Africa's Ramaphosa reprimands finance minister over tweets on Zambia Reuters.