Remembering Tito Mboweni: Walking the halls of finance with a formidable man
By Dondo Mogajane
During my time at National Treasury, I had the profound honour and privilege of working closely with one of South Africa’s foremost political figures: Dr Tito Mboweni. His tenure as Minister of Labour, Governor of the South African Reserve Bank, and Minister of Finance came at critical junctures in our nation’s history, and his clear-sighted vision and steady hands while navigating us through these turbulent periods remain an example to all public servants to this day.
As a leader, he offered a sharp mind, a deep understanding of economics, and a keen sense of duty. His work laid the bedrock of our labour policies, and helped guide us safely through some of the worst economic storms seen yet in democratic times, including the tumultuous period of the 2020 pandemic and national lockdowns.
Working at the side of a remarkable man
Our brief time together at the National Treasury, where I served as Director-General under his guidance, was incredibly formative. Our collaboration was largely centred on stabilising the country’s economy and creating a fiscal framework that would encourage growth while curbing unnecessary spending, and his input was invaluable.
Amidst growing risks to public finances, Mboweni was relentless in his pursuit of fiscal discipline – a principle that was not always popular but was always necessary. His commitment to sound economic principles allowed us to right the ship and steer the country in the correct direction, even if that meant he sometimes had to take a controversial stance and stand firm against strong opposition. When all was said and done, we could be sure that although he had to make hard choices, his decisions were in the nation’s best interest and were the right decisions to make.
One of the standout moments of our time together was when we had to quickly assemble a stimulus package during the COVID-19 pandemic. It was a time of great uncertainty, and the weight of the nation’s economy seemed to rest squarely on our shoulders. We relied heavily on his judgement and experience, and he was always steadfast in his next step, never hesitating.
Anchored by his conviction and discipline
Both before and after the pandemic, Mboweni was insistent on fiscal responsibility. He was adamant that while government needed to support businesses and individuals in crisis, we had to be cautious not to further deplete state resources by bailing out underperforming State-Owned Enterprises. He made it clear that we could not spend money we did not have, and his disciplined thinking helped to prevent South Africa from tipping into economic chaos.
He was not one to sugarcoat the truth. He had a way of cutting through the noise and getting straight to the heart of the issue. One of his sayings that will always stick with me was, “Grab the bull by the scruff.” It meant facing the challenge head-on, and not being afraid to embrace controversy or to speak truth to power. He instilled a sense of ownership and self-discipline within the National Treasury, ensuring our fiscal policies were strong and effective. He planted the seeds of critical structural economic reforms that continue to guide today’s policies and are now beginning to bear fruit.
He was never afraid to take up space or make his opinion known.
One of my fondest and funnies memories of Tito was when he arrived at the office one day with his own furniture, adamantly declaring, “The furniture here isn’t befitting a governor,” and requested that the old pieces be moved to storage. It was classic Mboweni – unapologetically himself, and never conforming to norms simply for the sake of it. He was a memorable figure to everyone he met, with a unique ability to inject humour even in the tensest of moments, while still driving home the importance of the work at hand.
I am reminded of his resilience, his intellect, and his unfailing dedication to South Africa. He was a man who believed in the power of reform, and he never shied away from making the tough decisions necessary to keep the country on course. His influence on our country’s economic and labour policies will be felt for decades to come, and the whole of South Africa owes him a great deal of gratitude.
Dondo Mogajane is the CEO of the Moti Group and former Director-General of National Treasury.