Tito Mboweni. Picture: FINANCIAL MAIL
Tito Mboweni. Picture: FINANCIAL MAIL

Nearly 10 years after heading the South African Reserve Bank, Tito Mboweni has been appointed finance minister. 

Mboweni, the Bank's first black governor, led it for a decade until 2009, succeeding Chris Stals. Under his leadership, SA’s foreign exchange reserves quadrupled.

In February, ahead of Ramaphosa's cabinet reshuffle, Mboweni tweeted that he was not available for the position of finance minister.

He has a long history with the ANC, which saw him leave for Lesotho in the 1980s, to live in exile. Following his return to SA in the early 1990s, he was appointed deputy head of the ANC’s department of economic policy and was elected to the ANC national executive council, and also became a member of the national working committee of the ANC.

He was appointed minister of labour in 1994. Three years later, he became head of the ANC’s policy process. He boasts a masters in development economics from the University of East Anglia in England.

He is currently a founding member of Mboweni Brothers Investment Holdings, an international advisor of Goldman Sachs International. He resigned as chair of AngloGold Ashanti in 2014. 

He was removed as a non-executive director of the Brics New Development Bank after serving a two-year term in 2017 — hinting on Facebook at the time that he had been fired.

Mboweni was appointed as finance minister by President Cyril Ramaphosa on Tuesday, after the resignation of Nhlanhla Nene. 

On Monday, Business Day reported that Nene had asked Ramaphosa to relieve him of his duties following public pressure over his testimony at the state-capture inquiry, at which he admitted to meeting the Gupta family on numerous occasions and at their private Saxonwold home.

MenonS@businesslive.co.za

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