Trade union UASA is deeply saddened by the passing of former Finance Minister and eighth Governor of the South African Reserve Bank (SARB) Tito Mboweni, following a short illness.
Abigail Moyo spokesperson for UASA said that the union extends its heartfelt condolences to Mboweni’s family, friends and colleagues.
“Mboweni’s passing is a great loss to South Africa, the continent, and the global economic community. Throughout a distinguished career in government and national entities, he played a meaningful role in driving economic transformation and social change.”
Moyo added that he served as the Minister of Labour from 1994 to 1999 in South Africa’s first democratic Cabinet under President Nelson Mandela. “As the country’s first black SARB governor, he guided South Africa through periods of great uncertainty with a steady hand on the economy during the Global Financial Crisis of 2008. He later headed the country’s finances through the challenges of the COVID-19 pandemic as Finance Minister.”
Moyo said that in the decade he headed the SARB from 1999 to 2009, he played a crucial role in building the bank into the professional and purposeful organisation it is today. “During his tenure, the SARB introduced live media conferences to officially announce the decision of the Monetary Policy Committee, making it more transparent and accountable.Under his leadership, the SARB also implemented South Africa’s inflation targeting policy, spearheading efforts to reduce inflation to within the target of 3−6%, a target band that later became a ray of hope for consumers and the overall economic outlook for South Africa.”
Moyo added that as labour they pay tribute to Mboweni’s contributions to the country’s economy and the significant impact on workers’ lives, which left behind an honourable legacy.
The Mercury