Former finance minister Tito Mboweni has been appointed as a regional advisor for the US investment bank Goldman Sachs.
“In this capacity, Tito will provide strategic advice to the firm on business development opportunities, with a particular focus on South Africa and sub-Saharan Africa,” the company said in a statement.
This is Mboweni’s second stint at Goldman Sachs. He was appointed as an advisor of the company in 2010, shortly after he left his position as governor of the SA Reserve Bank in 2009. He stayed on until he was appointed minister of finance in 2018.
Last year, it was reported that Goldman Sachs was expanding its business in South Africa, adding fixed-income and foreign-exchange products to its existing investment-banking services.
Goldman Sachs also received a licence from Johannesburg’s stock exchange to trade futures.Â
Last week, Mboweni was appointed as chairmperson of the Accelerate Property Fund. This was also a position had before, having served as the property company’s chairman before he was appointed as finance minister.Â
JSE-listed Accelerate owns a 50% stake of Fourways Mall, along with other smaller shopping centres and other properties in Johannesburg and Cape Town.Â
Mboweni resigned from his seat in Parliament last week, six months after he left President Cyril Ramaphosa’s Cabinet. Â
He was finance minister for three years, after previously serving as labour minister from 1994 to 1998. He was governor of the SA Reserve Bank for a decade, until 2009.
He then embarked on lengthy stint in the private sector, where he was chairperson of Nampak, SacOil, and AngloGold Ashanti, as well as Accelerate. He was also a director of Discovery and PPC, and a consultant of the oil company Total. -fin24
