The late former governor of the South African Reserve Bank (SARB) Tito Mboweni has been described as a courageous and independent leader who helped shape the country’s economy.

The bank has instituted what will become the annual Tito Mboweni Memorial Lecture.

The inaugural lecture was hosted on Thursday night in Cape Town by the former Deutsche Bundesbank President, Professor Axel Weber.

Mboweni, who also served as South Africa’s Minister of Finance and of Labour, died at the age of 65 in October 2024 after a short illness.

SARB says Mboweni was a trailblaser and a committed public servant, adding that the principles of prudent central banking in an institution that operates independently and without fear, favour or prejudice, would become his proud legacy.

“When Tito arrived there in 1999, he was the youngest in the room as he was only 40. When he became the governor of the SARB. During Tito’s time as governor the SARB broke into international forums, as the country’s relations with global financial structures normalised. At the BIS, Tito was the lone African voice, a position that would have been lonely, had it not been for colleagues like Professor Weber.”

The  German economist says Mboweni lead with courage and independence.

“We do not just remember a man. We celebrate a legacy of a principled leader of his institutional courage, democratic accountability, and public service. Tito Mboweni helped shape the economic foundations of modern Africa, but perhaps his creative contribution was his unwavering belief that the people matter and ethical leadership is at the core of serving the people. This lecture series, continue in the spirit that he embodied, honest engagement, intellectual rigor, service to society, and frank and bold challenge. Dr Tito Mboweni may no longer be with us, but his voice can still be heard, and his example continues to speak for generations to come.”

The Mboweni family says he dreamt of South Africa flourishing as a vibrant economy, a maturing democracy, and a place of opportunity for all its people.

“What we have inherited from a century old project of applied intellectualism, as a robustly progressive society, whose very dear name is the outcome of dazzling intellectual prowess grounded in Ubuntu. We stand in deep gratitude, and deep pride. We thank the South African Reserve Bank for contributing so strongly to the intellectual life of our democracy. Thank you for celebrating the beautiful mind of a beautiful black boy, who lived his life in service of the beautiful struggle,” says his niece Fumani Mthembi.

[IN PICTURES] The South African Reserve Bank (SARB) hosted the inaugural Tito Mboweni Memorial Lecture on the sidelines of the @GroupofThirty (G30) meetings in Cape Town.

Singapore President Tharman Shanmugaratnam, Former President Kgalema Motlanthe, Finance Minister Enoch… pic.twitter.com/v0mc41Z975

— SA Reserve Bank (@SAReserveBank) June 4, 2026