A Farewell to South Africa's Economic Pioneer Tito Mboweni

The sudden death of Tito Mboweni at the age of 65 has shaken South Africa. As the first black central bank governor after apartheid, Mboweni played a pivotal role in shaping the democratic state. He began his political career as Minister of Labour in Nelson Mandela's first cabinet and was appointed governor of the central bank in 1999, a position he held for a decade. Mboweni had to rebuild the bank almost from scratch after most of its white staff refused to work under a black boss. Yet, with intelligence and charm, he managed to retain some employees and turned the bank into a bastion of conventional monetary policy. His signature on banknotes made them affectionately known as 'Titos' in the townships. Mboweni was born in 1959 in a remote region of what was then the Transvaal. His father was a cook, often forced by apartheid laws to work in Johannesburg and be separated from the family. Radicalized at university, Mboweni wanted to join the armed wing of the ANC in Lesotho in the 1980s. However, the party had other plans and sent him to the United Kingdom, where he trained as an economist. Mboweni was a complex and multifaceted personality, known for his fashionable clothing and infectious humor. A proponent of free markets, he was nevertheless a loyal member of the ANC. He openly criticized former President Jacob Zuma for corruption but remained committed to the ANC and its principles. After his time at the central bank, Mboweni entered the private sector, serving as chairman of AngloGold Ashanti and as an advisor to Goldman Sachs. In 2019, he returned to government as Finance Minister and led the economy through the COVID-19 pandemic. With open and sometimes controversial views, such as his refusal to invest in the loss-making national airline, he often found himself in the spotlight. Following his retirement in 2021, he drew attention with a variety of tweets, ranging from cooking recipes to the cleanliness of Rwandan streets. Colin Coleman, former managing director for Goldman Sachs in sub-Saharan Africa, described him as the 'godfather of ANC economic policy.' He was steadfast in his convictions, particularly loyal to the ANC. President Cyril Ramaphosa praised him as the 'standard-bearer of our economy on the global stage,' and Finance Minister Enoch Godongwana described his loss as that of a 'giant, thinker, and patriot.' The central bank lamented the loss of his candid nature and sharp humor. Mboweni himself once remarked that he would like to die like the Congolese singer Papa Wemba: in action, perhaps during a lecture on inflation targeting. 'His obituary for the ANC would read: 'He died in service,'' said Mboweni.