South Africa's former finance minister and Reserve Bank governor Tito Mboweni has died, his family said in a statement on Saturday, October 12.

Mboweni was 65 years old.

"It is with deep sadness that the Mboweni Family announces the passing of former Reserve Bank governor and minister of finance Tito Titus Mboweni. The family is devastated by governor Mboweni's passing after a short illness. He passed away in hospital in Johannesburg on Saturday night surrounded by his loved ones," the statement read.

Mboweni became the first black governor of the South African central bank, succeeding Chris Stals in 1999 to serve for a decade. Before that, he served in Nelson Mandela's cabinet as labour minister between 1994 and 1999.

Mboweni made a return to active politics in 2018 when President Cyril Ramaphosa appointed him finance minister. He retired in August 2021.

Mboweni was a member of the advisory committee appointed by President Paul Kagame, when the Rwandan leader spearheaded the African Union's institutional reforms process.

President Ramaphosa eulogised Mboweni as a man who had a "sense of vitality and energetic and affable engagement with fellow South Africans."

He said his death was a shock to South Africa.

"We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights," Ramaphosa said.

"As Governor and Finance Minister, he had a sharp focus on fiscal discipline and economic transformation."

Ramaphosa said that Mboweni distinguished himself in different strategic roles in the private sector and was "a flag bearer in global forums for our economy and developing economies more broadly."