UASA Media Release: 14 October 2024
Image source: News24
Statement by Abigail Moyo, spokesperson of the trade union UASA:
UASA is deeply saddened by the passing of former Finance Minister and eighth Governor of the South African Reserve Bank (SARB) Tito Mboweni, following a short illness.
UASA extends its heartfelt condolences to Mboweni’s family, friends and colleagues.
Mboweni’s passing is a great loss to South Africa, the continent, and the global economic community. Throughout a distinguished career in government and national entities, he played a meaningful role in driving economic transformation and social change.
He served as the Minister of Labour from 1994 to 1999 in South Africa’s first democratic Cabinet under President Nelson Mandela. As the country’s first black SARB governor, he guided South Africa through periods of great uncertainty with a steady hand on the economy during the Global Financial Crisis of 2008 and later headed the country’s finances through the challenges of the COVID-19 pandemic as Finance Minister.
In the decade he headed the SARB from 1999 to 2009, he played a crucial role in building the bank into the professional and purposeful organisation it is today. During his tenure, the SARB introduced live media conferences to officially announce the decision of the Monetary Policy Committee, making it more transparent and accountable.
Under his leadership, the SARB also implemented South Africa’s inflation targeting policy, spearheading efforts to reduce inflation to within the target of 3−6%, a target band that later became a ray of hope for consumers and the overall economic outlook for South Africa.
As labour, we pay tribute to Mboweni’s contributions to the country’s economy and the significant impact on workers’ lives, which left behind an honourable legacy.
Robala ka kgotso mohale; rest in peace, great leader!
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.