30 Things You Didn’t Know About Tito Mboweni
In this article, we’ll be detailing you on thins you didn’t know about Tito Mboweni. Tito Titus Mboweni (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 Minister of Finance on 9 October 2018, following Nhlanhla Nene’s resignation. Not only that, but another thing to know about Tito Mboweni is also that he is currently a founding member of Mboweni Brothers Investment Holdings and an international advisor of Goldman Sachs International. He has also been appointed as a non-executive Director for South Africa at the New Development Bank (BRICS Development Bank). Now read further below in order to still know about Tito Mboweni.
Tito Mboweni is the youngest of three children. He grew up in Tzaneen in the then Transvaal Province and 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, Mboweni 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 (Hons) in economics and political science from the National University of Lesotho in 1985. In 1988 he obtained a Master of Arts in Development Economics from the University of East Anglia in England.
Key Facts to Know About Tito Mboweni
Below consists of all you need to know about Tito Mboweni, with respect to his early life and career:
About His Bacground and Early Life
- Tito Mboweni was born on the 16th of March, 1959.
- He is the youngest of three children from his parents.
- He grew up in Tzaneen, in the 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, Mboweni joined the African National Congress (ANC), South Africa’s current governing party, and was an activist for the party in many capacities.
- He later obtained a Bachelor of Arts (Hons) in economics and political science from the National University of Lesotho in 1985.
- In 1988 he obtained a Master of Arts in Development Economics from the University of East Anglia in England.
About the Career of Tito Mboweni
- Prior to his appointment as Minister of Labour, Mboweni was Deputy Head of the Department of Economic Policy in the ANC.
- He also represented the ANC on several domestic and international platforms.
- 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.
- Mboweni served as Minister of Labour from May 1994 to July 1998 in South African President Nelson Mandela’s cabinet.
- The Minister of Labour, Mboweni, was the architect of South Africa’s post-Apartheid labour legislation, which allowed for collective bargaining and the establishment of labour courts.
- He became one of the World Economic Forums Global Leaders of Tomorrow in 1995.
- In 1997 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.
- Mboweni 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.
- As governor, he oversaw the launch of the inflation targeting policy to help the bank achieve price stability and dealt with the rand’s plunge due to global and local events.
- During his tenure, Mboweni was appointed honorary Professor of Economics at the University of South Africa for 2000 to 2003.
- He 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 him Professor Extraordinary in Economics for the period 1 April 2002 to 31 March 2005.
- In June 2010, Mboweni was appointed an International Advisor 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.
- He also served as chairman of bullion producer AngloGold Ashanti, among other company directorships.
- 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 following Nhlanhla Nene’s resignation.
His Achievements So Far
Apart from holding some notable political positions, there are other leadership positions been held by Tito Mboweni, and also his notable recognitions:
- Honorary Directorate of Economics, University of Natal (2001).
- Honorary Professor, School of Economic and Business Sciences at the University of the Witwatersrand (2015).
- Member of the Board of Governors of the Asia School of Business since 2015.
- Member, Joint World Bank-IMF Development Committee since 2018.
- He was an Ex-Officio Member of the Board of Governors of the World Bank since 2018.
His Position and Cause of Action
- From the beginning of his tenure, Mboweni often found himself at odds with the ruling ANC policy and ideology. The ruling ANC has always inclined itself towards socialist policies, a stance that has been viewed as a form of appeasing its alliance partners, the South African Communist Party, and COSATU.
- Mboweni has continuously proffered liberal solutions such as his 2019 economic recovery growth plan which has been rejected by SACP and COSATU.
- His economic growth plan was widely criticized in the Public Sector. In an opinion piece, Telkom Group CEO Sipho Maseko slammed Mboweni’s proposed reforms for the ICT sector, particularly plans related to the rollout of the spectrum, as being “ill-thought-out”.
- However the response was different in the private sector, CEO of Bridgeman Daniel Goldberg during his Sage tour to Cape Town, Johannesburg, and Durban hailed the plan, saying “it will improve the rate at which big state-owned enterprises pays its suppliers consequently increasing efficiency in the economy.
- Phumlani Majozi in his opinion piece on Finance 24 argued that “Mboweni’s ideas on how to revamp this economy, presented in his recent paper, titled “Economic Transformation, Inclusive Growth, and Competitiveness: Towards an Economic Strategy for South Africa”, are what will get this country back on track.”
Bonus Tip – Effect of Covid-19 in South Africa’s Economy
The COVID-19 pandemic in South Africa is part of the ongoing pandemic of coronavirus disease caused by severe acute respiratory syndrome coronavirus 2. Minister of Health Zweli Mkhize confirmed that the virus spread to South Africa, with the first known patient being a male citizen who tested positive upon his return from Italy.
At the beginning of the national shut down on 27 March, South African economists predicted that the pandemic could cause a 2.5% to 10% contraction of South Africa’s total GDP in 2020. The national lockdown and resulting economic slowdown reduced demand for electricity by more than 7500 MW thereby temporarily reducing the impact of the long-running South African energy crisis. It is estimated that the government would experience a revenue shortfall for 2020 of between R70 billion and R100 billion. This resulted in the South African government announcing an R500 billion (US$26.9 billion) stimulus package thereby accelerating deficit spending from 6.8% to over 10% of GDP for the 2020 financial year.
By 23 April, when President Ramaphosa addressed the nation the total number of cases had increased to 3953. Detailed figures released by the NICD showed that in April that the number of cases had taken distinct trajectories in different provinces. In the two weeks from 9 to 23 April, the cases in the coastal provinces had a very high increase — Eastern Cape cases rose 583% from a low base, KwaZulu-Natal rose 108% and Western Cape 148%. North West (67%) and Gauteng (57%) had high increases, while the other provinces had much lower increases from 6% in the Northern Cape to 23% in Limpopo (all with low absolute numbers — 106 in the Free State and under 30 in each of the other provinces).
Trade and agricultural shows postponed or canceled included HuntEx, DecorEx Cape Town & Durban, Tyrexpo (postponed to 4–6 August 2020), Power & Electricity World expo (postponed until 20–21 August), the Pietermaritzburg Royal Show, SA Cheese Festival, Qualité Awards Dinner, and Agri-Expo Western Cape Youth Show.
Major sporting codes suspended their activities, including Super Rugby, 2019-20 Pro14 season, Varsity Rugby, Premier Soccer League, Athletics South Africa, Sunshine Tour golf, Wimpy Lifesaving South Africa national championships and Parkrun. The Cape Epic cycle tour, the 2020 Two Oceans Marathon, and the 2020 Comrades Marathon were canceled.
Live events canceled or postponed included the Mangaung African Cultural Festival (MACUFE), Bloem Show, AfrikaBurn, Cape Town International Jazz Festival, Klein Karoo Nasionale Kunstefees, Splashy Fen Festival, Rand Show, National Arts Festival (changing to virtual), SciFest Africa (postponed to 9–15 September), WWE Live South Africa (postponed until September) and Comic-Con Cape Town. South African tours were postponed by the Lighthouse Family, Boyz II Men, and BeBe Winans.