Who is Tito Mboweni: The new South African Finance Minister

Earlier this week, we reported that 'former' South African finance minister, Nhlanhla Nene confessed to meeting with members of the Gupta family six times between 2010 and 2014 at their residence, after previously denying these meetings. He apologized for his actions and handed his letter of resignation to the president, Cyril Ramaphosa.

Read Full Story About Nhlanhla Nene

South Africa's Finance Minister asks President Ramaphosa to Sack Him

Why is the South African Finance Minister seeking to be sacked by President Cyril Ramaphosa? Why doesn't he just resign instead?

President Cyril Ramaphosa announced Nene's exit and the appointment of Tito Mboweni as his successor.

Who Is Tito Mboweni?

If you still have the South African bank notes from 1999 - 2009, before Nelson Mandela was featured on them, take a look at the name of the South African Reserve Bank (SARB) governor and you'll see Mboweni's signature.

Tito Titus Mboweni, born on 16th March 1959, became the country's eighth SARB governor in August 1999 and was the first black person to be appointed to the position. Prior to that, he was an advisor to the then-governor, Chris Stals.

He held the position for a full decade, serving under three presidents - Thabo Mbeki, Kgalema Motlanthe and Jacob Zuma - until he was replaced by Gill Marcus in the late 2009.

Mboweni holds a Bachelor of Arts Degree in Economics and Political Science from the National University of Lesotho, and a Master of Arts Degree in Development Economics from the University of East Anglia.

Prior to becoming SARB governor, he was the Minister of Labor from May 1994 to July 1998, and had also served as Deputy Head of the Department of Economic Policy in the African National Congress (ANC).

5 Things You Possible Didn't Know About Tito Mboweni

1. He was a Former Governor of the South African Reserve Bank

The 59-year-old Mboweni was the eighth Governor of the South African Reserve Bank, serving in the position for ten years, between 1999 and 2009. According to Fin24, Mboweni’s biggest achievement during his tenure as Governor was building the nation’s foreign-exchange reserves to almost $40bn from less than $10bn.

2. Tito Mboweni has a solid economic acumen

Besides his successes during his time as Governor of the South African Reserve Bank, Mboweni has amassed a great wealth of knowledge, experience and expertise in the world of finance and economic management since graduating from the National University of Lesotho in 1985 with a degree in Economics and Political Science.

Prior to his appointment as Reserve Bank governor, Mboweni became one of the World Economic Forums Global Leaders of Tomorrow in 1995. He was also appointed honorary Professor of Economics at the University of South Africa from 2000 to 2003. The University of Stellenbosch appointed Mboweni as Professor Extraordinary in Economics from 2002 until 2005.

In 2010, Mboweni was appointed an International Adviser of Goldman Sachs International.

3. Tito Mboweni as an ANC stalwart

Mboweni joined the African National Congress (ANC) while exiled in Lesotho during the 1980’s. Mboweni served in the first cabinet of a democratically elected South Africa, as Minister of Labour from 1994 to July 1998, under the leadership of the late, Nelson Mandela.

Mboweni has also served on the party’s National Executive and National Working Committees. He was also the Chairperson of the National Executive Committee’s Economic Transformation Committee.

4. Mboweni has a sharp tongue and a penchant for whisky and cigars

Mboweni is known to be especially harsh on journalists who ask, what he deems to be, irrelevant questions. His sharp tongue and cruel wit have made him unpopular with many journalists, who often bear the brunt of his despotic demeanor – some have even gone as far as to label his behavior as intimidating.

According to reports, Mboweni is also a connoisseur of obscure brands of whisky and fine wines. He’s also known to indulge in smoking cigars from time to time.

5. Cassper Nyovest named a song after him

Possibly one of the strangest facts relating to Mboweni, is that South African rapper, Cassper Nyovest - who is arguably the best rapper from Africa at the moment, released a song entitled “Tito Mboweni” in 2017.