Media Statement: SBI Mourns the Passing of Tito Mboweni

October 13 2024

Embargo: none

It was with a great shock that the Small Business Institute (SBI) learned last night of the passing of Mr Tito Mboweni, former governor of the Reserve Bank and former finance minister of the Republic.

“On behalf of SBI and its various stakeholders, we convey our condolences to the Mboweni family during the time of their loss. They remain in our prayers at this difficult time,” says John Dludlu, SBI’s CEO.

“Nothing could have prepared us for last night’s news. We were looking forward to his post-politics contribution to our country’s renewal through the private sector and civil society.”

Mboweni served as President Nelson Mandela’s and SA’s first post-apartheid minister of labour and as President Thabo Mbeki’s and SA’s first black African governor of the Reserve Bank.

“As governor number 8, the position he appeared to enjoy the most, he will be remembered for having formed the formidable triumvirate of the “TMs” alongside Trevor Manuel (then SA’s first black finance minister) and president Mbeki in steering our economy towards a higher growth trajectory.

“SA’s workers owe him a debt of gratitude in formulating the most progressive labour relations regime (Labour Relations, Employment Equity and Basic Conditions of Employment Acts) after apartheid,” says Dludlu.

For small businesses, “we fondly remember him for being a true friend of this segment. He genuinely cared about the potential of unleashing the potential of small firms in his capacities as finance minister, governor and his stint in the private sector. Unlike most in his party, he believed in the private sector and third sector as forces for good,” according to Dludlu.

“We will miss his consultative and listening approach to policy making,” Dludlu says.

As well as being a patriot who loved his country and sacrificed his comfort for freedom, Mboweni epitomised nonracialism and the elusive ethical leadership SA so desperately yearns for today.

In his passing, SA has lost a champion of freedom and social justice.