Former finance minister Tito Mboweni returns to Goldman Sachs as regional advisor

For his second stint at the bank, Mboweni will advise on business development opportunities in South Africa.

Former finance minister Tito Mboweni has returned to US investment bank Goldman Sachs as a regional advisor. This will be his second stint at Goldman Sachs after serving as an advisor of the bank from 2010 until 2018, when he was appointed as the minister of finance.

According to the company, Mboweni will provide strategic advice to the firm on business development opportunities, with a particular focus on South Africa and sub-Saharan Africa. This comes after the bank announced its plans to expand its business in South Africa, adding fixed income and foreign exchange products to its existing investment-banking service. The bank also received a licence from the Johannesburg Stock Exchange to trade futures.

Mboweni resigned from his seat in parliament last week, six months after he left president Cyril Ramaphosa’s cabinet. In the same week he also returned as chairperson of the Accelerate Property Fund, the same role he had held before becoming finance minister.

Mboweni was the finance minister of South Africa for three years after previously serving as labour minister from 1994 to 1998. He was also the governor of the SA Reserve Bank from 1999 to 2009.

He then embarked on a 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.