Tito Mboweni: A legacy of integrity and economic leadership

Today Saturday, October 19, one of the finest gentle brains and astute economists of our generation will be laid to rest in Johannesburg, South Africa.

Tito Mboweni may not be a household name in Ghana, but he was undoubtedly one of the brilliant minds who worked tirelessly to guide South Africa through its transition to democracy in the early 1990s. As the first Black Governor of the South African Reserve Bank and later Finance Minister, Mboweni played a pivotal role in crafting the economic policies that helped stabilize the country. Sadly, at just 65, he passed away on October 12th, 2024.

I first met Tito Mboweni through a mutual friend, Molefe Mokgatle, at SABC 2 in December 1992, during the lead-up to South Africa’s first democratic elections.

At the time, Tito was making waves as a young, dynamic leader in the labor movement, heading the Department of Economic Policy at the African National Congress.

His sharp intellect and quiet confidence were immediately apparent, qualities that would go on to define his remarkable career.

As Tito’s journey progressed, we saw him rise to the highest levels of South African public life, becoming the country’s first Labour Minister under President Nelson Mandela and as the first black Governor of the Reserve Bank of South Africa and later Finance Minister. His tenure brought much-needed stability and steady growth as South Africa faced significant economic challenges. Yet, Tito never wavered. He was firm in his commitment to fiscal discipline and economic reform, always with a focus on South Africa’s long-term future. Later, he went on to serve as Finance Minister under President Cyril Ramaphosa.

We shared many happy moments together, as well as a few tense ones, especially when he felt CNN’s reporting was too tough on the new nation, not giving it a fair hearing. Tito was a regular at our weekend braais (barbecues) hosted by my then colleague Charlayne Hunter-Gault and her husband Ron. Those were happy historic times, as we all found our way in the new democratic South Africa.

What stands out most about Tito, beyond his professional achievements, is his humility and integrity. Throughout his long and storied career—whether as Finance Minister, in government, or as an advisor—he remained scandal-free, a rarity in modern politics, especially in Africa. His legacy is one of dedicated service and a deep commitment to his country’s well-being.

Tito Mboweni will be remembered not only for his deep understanding of economics but also for his steadfast principles, which he upheld even in the face of immense pressure. He remains a leader who earned respect and admiration, both at home and abroad.