The Faculty of Economic and Management Sciences joins the rest of South Africa in mourning the passing of Tito Mboweni, on 12 October 2024; a formidable force who steered our country to financial stability when we needed it most and spearheaded transparency within our financial institutions.
As the first Minister of Labour in President Nelson Mandela’s 1994 administration, Mboweni introduced a number of major legislative reforms including the Basic Conditions of Employment Act, Labour Relations Act, Mines Health Safety Act and the NEDLAC Act, all designed to improve the relationship, and cooperation between different “constituencies” – labour, business, and government. These laws overturned decades of discriminatory labour market rules and practices and put worker rights at the forefront.
“Tito Mboweni was one of the most influential and consequential politicians and public servants in the new democratic order. While most commentators have focused on his time as Minister of Finance (2018 – 2021) and as the first black Governor of the South African Reserve Bank (SARB), he will also be remembered as the Minister of Labour who completely overhauled labour relations in South Africa, bringing greater dignity to millions of people. He was a compatriot who dedicated his life to bettering the lives of the people he served. We were privileged to have him as an honorary professor in the faculty’s Department of Economics – he gave generously of his time, including speaking at the department’s Centenary in 2020. And we will miss him greatly,” shared Professor Ingrid Woolard, Dean of the EMS Faculty.
During his 10 years as Governor of SARB, Mboweni was able to steer and bring South African monetary policy in line with that of the leading international central banks. He introduced inflation targeting and presided over the first monetary policy committee meetings. And in a major step forward for the Bank, he introduced a televised monetary policy statement outlining the reasons for its decisions; making what was previously out of reach for many, now accessible to the public.
In addition to being an honorary professor in the Department of Economic, Mboweni also received an honorary doctorate, Doctor of Commerce (DComm), from Stellenbosch 肆客足球 in 2010 in recognition of his immense contribution to South African society.
Our thoughts and sympathies are with the family and friends of Tito Mboweni, a great leader who will always be remembered for being a true master of his craft.
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