Business Unity South Africa (Busa) has paid tribute to former Finance Minister and Reserve Bank Governor Tito Mboweni, who passed away last week aged 65, after a short illness.
The tribute comes as President Cyril Ramaphosa has declared a Special Official Funeral Category 2 in honour of Mboweni.
Mboweni was the democratic South Africa’s first Minister of Labour from 1994 to 1999 in the Cabinet of President Nelson Mandela.
He served as Governor of the South African Reserve Bank for a decade from 1999.
From 2018 to 2021, Mboweni served as Minister of Finance in the administration led by Ramaphosa.
Ramaphosa said Mboweni has been accorded a Special Official Funeral Category 2 which will take place at Nkowankowa Stadium, Tzaneen, Limpopo on Saturday.
Ramaphosa has also directed that the national flag be flown at half-mast at all flag stations from Wednesday until the evening of the funeral.
Cas Coovadia, CEO of Busa said during Mboweni’s tenure, he played a crucial role in shaping South Africa's economic policies, promoting fiscal discipline, and ensuring monetary stability.
“He was a key architect of significant reforms that enhanced the resilience of our economy, particularly during challenging times, including the global financial crisis.
“His leadership fostered a climate of confidence among investors and businesses, encouraging both local and foreign investment,” Coovadia said.
He said Mboweni played a critical role in the development of ANC economic policy, ‘always being the pragmatic voice, informed by his studies at East Anglia University in England’.
“I interacted with him as Minister of Labour, Minister of Finance, and Governor of the SARB, in my capacity as an executive and MD at The Banking Association SA.
“Tito has played a seminal role in policy influence in the economic space in SA since democracy.”
The Mercury