Tito Mboweni, South Africa's first black central bank governor and former finance and labor minister, passed away at the age of 65 after a short illness, the country's presidency announced on Saturday.
"His role in shaping our democratic future, particularly during the dying days of apartheid, cannot be overstated," his party, the African National Congress (ANC), stated.
Mboweni played a key role in establishing South Africa's post-apartheid labor laws and, as central bank governor, spearheaded the introduction of inflation targeting, helping to achieve price stability.
A close ally of South African President Cyril Ramaphosa, he also served on the ANC's National Executive Committee, demonstrating his influence within the party's highest decision-making body.
"We have lost a leader and compatriot who served our nation as an activist, innovator of economic policy, and champion of labor rights," Ramaphosa said.
The president also expressed shock at Mboweni's passing at 65, noting his vibrant personality and connection with the South African people.