Tito Mboweni

Tito Mboweni
Mboweni speaking at the World Economic Forum on Africa, 2011
Minister of Finance
Assumed office
9 October 2018
President Cyril Ramaphosa
Deputy Mondli Gungubele
Preceded by Nhlanhla Nene
Governor of the South African Reserve Bank
In office
8 August 1999 – 8 November 2009
Preceded by Chris Stals
Succeeded by Gill Marcus
Minister of Labour
In office
1994–1999
President Nelson Mandela
Personal details
Born Tito Titus Mboweni[1]
(1959-03-16) 16 March 1959
Tzaneen
Alma mater National University of Lesotho
University of East Anglia

Tito Titus Mboweni[1] (born 16 March 1959) is the current Minister of Finance of South Africa. Mboweni was the eighth Governor of the South African Reserve Bank and the first black South African to hold the post. He was sworn in as the South African Finance Minister on the 9th of October 2018 after admissions made by Minister Nhlanhla Nene that Nene had visited the controversial Gupta family on several occasions.[2][3]

Mboweni is currently a founder member of Mboweni Brothers Investment Holdings and international advisor of Goldman Sachs International.[4] He has been appointed as a non executive Director for South Africa at the New Development Bank (BRICS Development Bank).

Biography

The youngest of three children, Tito Mboweni was born on 16 March 1959.[5] He grew up in Tzaneen in the then Transvaal Province. He attended the University of the North between 1979 and 1980, where he registered for a Bachelor of Commerce degree. He did not complete his studies there and left South Africa to go into exile in 1980.

While in exile in Lesotho, he joined the African National Congress (ANC), South Africa's current governing party, and was an activist for the party in many capacities. He obtained a Bachelor of Arts (honours equivalent) degree in economics and political science from the National University of Lesotho in 1985. In 1988 he obtained a Master of Arts degree in Development Economics from the University of East Anglia in England.

Tito Mboweni was Minister of Labour from May 1994 to July 1998 in South African President Nelson Mandela's cabinet. Prior to his appointment as Minister of Labour, he was Deputy Head of the Department of Economic Policy in the ANC. He also represented the ANC on several domestic and international platforms. Tito Mboweni was a member of the ANC's National Executive and National Working Committees and was also Chairperson of the National Executive Committee's Economic Transformation Committee, which coordinated the development of ANC economic policies. While Minister of Labour Mboweni was the architect of South Africa's post-Apartheid labour legislation.[4]

He became one of the World Economic Forums Global Leaders of Tomorrow in 1995.

In 1997 Tito Mboweni was appointed head of the ANC's Policy Department which was responsible for managing ANC policy processes. Upon joining the South African Reserve Bank, he resigned all of his elected and appointed positions in the ANC.

He joined the South African Reserve Bank in July 1998 as Advisor to the Governor. On 8 August 1999 he succeeded Dr. Chris Stals as Governor of the Reserve Bank. During his tenure, he was appointed honorary Professor of Economics at the University of South Africa for 2000 to 2003. The University of Natal awarded the Governor the degree of Doctor of Economics, honoris causa. The degree was conferred on him in 2001. The Governor was also elected Chancellor of the University of the North-West and was installed as Chancellor on 23 February 2002. The University of Stellenbosch appointed the Governor Professor Extraordinary in Economics for the period 1 April 2002 to 31 March 2005. Asia School of Business appointed Mboweni to its Board of Governors in 2015. He was succeeded by Gill Marcus who replaced him as Governor on 9 November 2009.

In June 2010, Mboweni was appointed an International Adviser of Goldman Sachs International, where he provided strategic advice to the firm on business development opportunities, with a particular focus on South Africa and Sub-Saharan Africa.[6]

In 2015, Mboweni‚ was appointed as an honorary professor in the School of Economic and Business Sciences at the University of the Witwatersrand.[7].

On 9 October 2018, Mboweni was announced by President Cyril Ramaphosa as the new Minister of Finance of the Republic of South Africa with immediate effect [3] following Nhlanhla Nene's resignation. [8]

References

  1. 1 2 "Executive Profile – Tito Titus Mboweni BA, MA". Bloomberg Businessweek.
  2. ↑ Menon, Sunita (October 9, 2018). "Business lauds Tito Mboweni as a 'credible' finance minister". Business Day. Retrieved October 10, 2018.
  3. 1 2 "Meet Tito Mboweni, the new Finance Minister of SA". IOL. October 9, 2018. Retrieved October 9, 2018.
  4. 1 2 "Tito Mboweni". Businessweek. Retrieved October 4, 2013.
  5. ↑ "Tito Mboweni | Who's Who SA". Whoswho.co.za. Retrieved 2012-10-15.
  6. ↑ "Tito Mboweni joins Goldman Sachs". Mail & Guardian. April 26, 2010. Retrieved October 4, 2013.
  7. ↑ "Tito Mboweni to join Wits University". sowetanlive. Retrieved 23 December 2017.
  8. ↑ "NEWS JUST IN: Nhanhla Nene resigns from his post as Finance Minister". IOL. October 9, 2018. Retrieved October 9, 2018.
Political offices
Preceded by
Nhlanhla Nene		 Minister of Finance
2018–		 Incumbent
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