Azra Hoosen | ah@radioislam.co.za
14 October 2024 | 14:40 CAT
2 min read

Former finance minister and Reserve Bank governor Tito Mboweni has passed away at the age of 65 after a short illness. His family confirmed his death in a statement late Saturday night, expressing deep sadness. Mboweni, known for his vibrant personality and frequent use of an aloe plant as a symbol of resilience in his budget speeches, passed away in a Johannesburg hospital.

Mboweni made history as the first Black governor of the South African Reserve Bank, serving from 1999 to 2009, and later returned to politics as finance minister in 2018 under President Cyril Ramaphosa. He retired in 2021.

“Inflation” is the first thing that popped into Chief Economist at Efficient Group, Dawie Roodt’s mind when reflecting on Mboweni. “He was a real inflation fighter,” Roodt remarked in an interview with Radio Islam.

Roodt noted that when Mboweni was appointed as finance minister, it was evident to everyone that he would eventually step aside for someone else in the near future.

“He was initially a left-winger, socialist, and leftist, but he completely changed during his career. He really shocked everyone, especially his colleagues, when he said that civil servants shouldn’t be getting any increases, we can’t afford it. They are overpaid already, and the state of enterprises shouldn’t get further bailouts, so I think he was a safe pair of hands. Still, I don’t think his heart was into it when he was the minister of finance; however, during the time he stood as governor of the reserve bank, he really came to his full,” he said.

Roodt shared that during Mboweni’s time serving on various company boards, which is when they first met, he was struck by Mboweni’s efficiency and no-nonsense attitude. Despite his firm approach, Mboweni was well-liked and made significant contributions to the private sector and business world.

“We can all learn, if you go into office, always keep an open mind. He had strong views but when things change, change your mind as well. That is what I learnt from him,” said Roodt.

Mboweni was widely recognised for his use of plant metaphors in budget speeches, particularly his beloved aloe ferox, which he used to symbolise South Africa’s economic resilience. This tradition followed a similar practice by former finance minister Trevor Manuel, who handed out plums to symbolise times of economic prosperity.

His family has requested privacy as they mourn his passing, with further details expected to be announced in the coming days.

LISTEN to the full interview with Ml Sulaimaan Ravat and Chief Economist at Efficient Group, Dawie Roodt, here.