(Bloomberg) -- Tito Mboweni, who was the first Black governor of the South African Reserve Bank was heralded by financial markets and business for keeping...
-- Tito Mboweni , who was the first Black governor of the South African Reserve Bank was heralded by financial markets and business for keeping tight fiscal controls on the nation’s public spending, has died. He was 65.Mboweni served as central bank governor between 1999 and 2009, and as finance minister from October 2018 to August 2021.
Mboweni was appointed finance minister by Ramaphosa during his first term as leader of the country, when the president pledged to combat corruption and rebuild confidence in an economy that was in the doldrums after nine years under former president Jacob Zuma. “Tito Mboweni distinguished himself in different strategic roles in the private sector and was a flag bearer in global forums for our economy and developing economies more broadly,” Ramaphosa said.
After his time at the reserve bank, Mboweni joined the private sector as an adviser in South Africa for Goldman Sachs Group Inc. He also served as chairman of AngloGold Ashanti Ltd. and sat on the boards of various other companies.Mboweni was instrumental in the reserve bank’s adoption of inflation targeting and maintaining price stability, in a “fragile post-apartheid economy,” according to the ruling African National Congress.
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