ANC STATEMENT ON THE PASSING OF COMRADE TITO MBOWENI

12 October 2024

The African National Congress (ANC) mourns the passing of Comrade Tito Mboweni, a former member of our National Executive Committee, former Minister in our democratic government, and former Governor of the South African Reserve Bank. His life was a testament to a life lived in sacrifice, dedication, and selfless service to the people of South Africa.

Comrade Tito’s journey as a servant of the people began in 1980 when he left the University of the North (Turfloop), abandoning his studies to go into exile during the height of apartheid repression. At that time, he was a student leader with the Azanian Students Organisation (AZASO), a platform through which he fought for the rights of black students. In Lesotho, he joined the ANC in 1985, the liberation movement he would serve until his final breathe.

His role in shaping our democratic future particularly during the dying days of apartheid, cannot be overstated. Comrade Tito’s brilliance contributed greatly in the economic debates that framed the transition to democracy, making him one of the trusted voices of reason within the ANC.

Comrade Tito was one of the prime figures in the government of national unity led by President Nelson Mandela. He was appointed Minister of Labour and became a critical architect of South Africa’s post- apartheid labour legislation laying the foundation for collective bargaining and establishing labour courts to uphold worker rights. These transformative laws ensured that the voices of South African workers enshrined in the constitution adopted in 1996 would guarantee the protections that workers continue to enjoy to this day.

In 1998, he began his tenure as an Advisor to the Reserve Bank Governor installing him in preparation for his appointment as the first black African Governor of the South African Reserve Bank. His leadership marked a crucial moment in our country’s financial history as he led the Reserve Bank in adopting inflation targeting, ensuring that price stability would be maintained in the fragile post-apartheid economy. His contributions in this space helped steer South Africa through economic turbulence and he was widely respected for this, both locally and internationally.

Comrade Tito’s last service in the executive came when he was appointed Minister of Finance in 2018 by President Ramaphosa. Though his term was brief, he guided the country’s economic policy during a critical period of transition following the departure of his predecessor.We extend our heartfelt condolences to the Mboweni family, ANC structures, and all South Africans who mourn the loss of this great man. Comrade Tito will be remembered not only for his immense contributions to the econombut also for his unwavering connection to the people he served. His legacy of dedication, innovation, and service will remain a guiding light for generations to come.

Rest in power, Comrade Tito Mboweni.

Statement issued by Mahlengi Bhengu-Motsiri, ANC National Spokesperson, 12 October 2024