President Cyril Ramaphosa is deeply saddened by the passing of former Governor of the South African Reserve Bank and Labour and Finance Minister Dr Tito Mboweni at the age of 65.

President Ramaphosa offers his condolences to the family and friends of Dr Mboweni who has passed away following a short illness.

Dr Mboweni was the democratic South Africa’s first Minister of Labour from 1994 to 1999 in the Cabinet of Founding President Nelson Mandela.

He served as Governor of the South African Reserve Bank for a decade from 1999.

From 2018 to 2021, Dr Mboweni served as Minister of Finance in the administration led by President Ramaphosa.

President Ramaphosa said: “Given his sense of vitality and energetic and affable engagement with fellow South Africans, Dr Mboweni’s passing at 65 comes as a shock.

“We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights.

“As Governor and Finance Minister, he had a sharp focus on fiscal discipline and economic transformation.

“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.

“He conducted himself with expert rigour while maintaining the personable touch that made him a social media star and ambassador for Modjadjiskloof’s culinary traditions.

“His passing is a great loss. May his soul rest in peace.”