Tito Mboweni
Encyclopedia
Tito Mboweni was the eighth Governor of the South African Reserve Bank
. He succeeded Dr. Christian Lodewyk Stals
on the 8 August 1999 and was succeeded by Gill Marcus
who replaced him as Governor on 9 November 2009. He is currently the Chairman of AngloGold Ashanti
.
The youngest of three children, Tito Mboweni was born on 16 March 1959. He grew up in Tzaneen
in the then Transvaal Pronvince. 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, he 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 (honours equivalent) degree in economics and political science from the National University of Lesotho
in 1985. In 1988 he obtained a Master of Arts degree in development economics from the University of East Anglia
in England.
Tito Mboweni was Minister of Labour from May 1994 to July 1998 in President Nelson Mandela
's cabinet. Prior to his appointment as Minister of Labour, he was Deputy Head of the Department of Economic Policy in the ANC. He also represented the ANC on several domestic and international platforms. Tito 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.
He became one of the World Economic Forum
s Global Leaders of Tomorrow in 1995.
In 1997 Tito 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.
He joined the South African Reserve Bank
in July 1998 as Advisor to the Governor. In August 1999 he was appointed Governor of the South African Reserve Bank
. During his tenure, he was appointed honorary Professor of Economics at the University of South Africa
for 2000 to 2003. The University of Natal
awarded the Governor the degree of Doctor of Economics, honoris causa. The degree was conferred on him in 2001. The Governor 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 the Governor Professor Extraordinary in Economics for the period 1 April 2002 to 31 March 2005.
Although generally portrayed as a pragmatic individual, Mboweni will be remembered for two distinct acts; the formalisation of a Socialist labour ideology within the South African labour market by promulgating far-reaching labour legislation during his last two years as Minister of Labour (1997) and often controversial conduct during the South African Reserve Bank general meetings of shareholders. The former is often blamed for the lack of formal job opportunities in South Africa with employers often citing the inflexibility of labour legislation as a disincentive to employ.
In his final years as Governor of the Reserve Bank (2007 -2009), Mboweni was noted for his poor level of facilitation of the Bank's Annual General meetings where shareholders were prevented from questioning the Governor on basic corporate governance infringements and confusing financial reporting. Mboweni was further mired in controversy when he insulted and accused a shareholder of being racist in a public meeting. Ironically, this led to Mboweni being brought before the Equality Court (2010) on charges of racism and prejudicial conduct.
South African Reserve Bank
The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
. He succeeded Dr. Christian Lodewyk Stals
Christian Lodewyk Stals
Dr. Christian Lodewyk Stals was the seventh Governor of the South African Reserve Bank, serving from 8 August 1989 to 7 August 1999. He succeeded Dr. G.P.C. de Kock who had died in office. During his term, South Africa's constitutional arrangements were changed again. The Second Republic was...
on the 8 August 1999 and was succeeded by Gill Marcus
Gill Marcus
Gill Marcus is the ninth Governor of the South African Reserve Bank. She is the first woman to hold the position.-Early Years:Marcus was born in Johannesburg, South Africa. Her grandparents were Jewish immigrants from Lithuania...
who replaced him as Governor on 9 November 2009. He is currently the Chairman of AngloGold Ashanti
AngloGold Ashanti
AngloGold Ashanti Limited is a global gold mining company. It was formed in 2004 by the merger of AngloGold and the Ashanti Goldfields Corporation.AngloGold Ashanti Limited is now a global gold producer with 21 operations on four continents...
.
The youngest of three children, Tito Mboweni was born on 16 March 1959. He grew up in Tzaneen
Tzaneen
Tzaneen is a small town situated in the Mopani district of the Limpopo province in South Africa. It is in a fertile region with tropical and subtropical agriculture taking place in a 20,000 km² region...
in the then Transvaal Pronvince. 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, he joined the African National Congress
African National Congress
The African National Congress is South Africa's governing Africanist political party, supported by its tripartite alliance with the Congress of South African Trade Unions and the South African Communist Party , since the establishment of non-racial democracy in April 1994. It defines itself as a...
(ANC), South Africa's current governing party, and was an activist for the party in many capacities. He obtained a Bachelor of Arts (honours equivalent) degree in economics and political science from the National University of Lesotho
National University of Lesotho
The National University of Lesotho is situated at Roma some 34 kilometers southeast of Maseru, the capital of Lesotho. The Roma valley is broad and is surrounded by a barrier of rugged mountains which provides magnificent scenery. The University enjoys a temperate climate with four distinctive...
in 1985. In 1988 he obtained a Master of Arts degree in development economics from the University of East Anglia
University of East Anglia
The University of East Anglia is a public research university based in Norwich, United Kingdom. It was established in 1963, and is a founder-member of the 1994 Group of research-intensive universities.-History:...
in England.
Tito Mboweni was Minister of Labour from May 1994 to July 1998 in President Nelson Mandela
Nelson Mandela
Nelson Rolihlahla Mandela served as President of South Africa from 1994 to 1999, and was the first South African president to be elected in a fully representative democratic election. Before his presidency, Mandela was an anti-apartheid activist, and the leader of Umkhonto we Sizwe, the armed wing...
's cabinet. Prior to his appointment as Minister of Labour, he was Deputy Head of the Department of Economic Policy in the ANC. He also represented the ANC on several domestic and international platforms. Tito 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.
He became one of the World Economic Forum
World Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....
s Global Leaders of Tomorrow in 1995.
In 1997 Tito 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
South African Reserve Bank
The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
, he resigned all of his elected and appointed positions in the ANC.
He joined the South African Reserve Bank
South African Reserve Bank
The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
in July 1998 as Advisor to the Governor. In August 1999 he was appointed Governor of the South African Reserve Bank
South African Reserve Bank
The South African Reserve Bank is the central bank of South Africa. It was established in 1921 after Parliament passed an act, the "Currency and Bank Act of 10 August 1920," as a direct result of the abnormal monetary and financial conditions which World War I had brought...
. During his tenure, he was appointed honorary Professor of Economics at the University of South Africa
University of South Africa
The University of South Africa is a distance education university, with headquarters in Pretoria, South Africa. With approximately 300 000 enrolled students, it qualifies as one of the world's mega universities.-History:...
for 2000 to 2003. The University of Natal
University of Natal
The University of Natal was a university in Natal, and later KwaZulu-Natal in South Africa, that is now part of the University of KwaZulu-Natal. It was founded in 1910 as the Natal University College in Pietermaritzburg, and expanded to include a campus in Durban in 1931. In 1947, the university...
awarded the Governor the degree of Doctor of Economics, honoris causa. The degree was conferred on him in 2001. The Governor 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 the Governor Professor Extraordinary in Economics for the period 1 April 2002 to 31 March 2005.
Although generally portrayed as a pragmatic individual, Mboweni will be remembered for two distinct acts; the formalisation of a Socialist labour ideology within the South African labour market by promulgating far-reaching labour legislation during his last two years as Minister of Labour (1997) and often controversial conduct during the South African Reserve Bank general meetings of shareholders. The former is often blamed for the lack of formal job opportunities in South Africa with employers often citing the inflexibility of labour legislation as a disincentive to employ.
In his final years as Governor of the Reserve Bank (2007 -2009), Mboweni was noted for his poor level of facilitation of the Bank's Annual General meetings where shareholders were prevented from questioning the Governor on basic corporate governance infringements and confusing financial reporting. Mboweni was further mired in controversy when he insulted and accused a shareholder of being racist in a public meeting. Ironically, this led to Mboweni being brought before the Equality Court (2010) on charges of racism and prejudicial conduct.
External links
- Tito Mboweni biography, at African National CongressAfrican National CongressThe African National Congress is South Africa's governing Africanist political party, supported by its tripartite alliance with the Congress of South African Trade Unions and the South African Communist Party , since the establishment of non-racial democracy in April 1994. It defines itself as a...
site, retrieved 2008-08-20