Why Tito chose business over politics

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IOL pic may22 Tito Mboweni red tie Independent Newspapers ANC bigwig Tito Mboweni. File picture: Masi Losi

Johannesburg - Former Reserve Bank governor Tito Mboweni on Wednesday took to Facebook to clarify why he asked to be removed from the list of ANC members going to Parliament.

Mboweni explained that he had fruitful conversations with the leadership of the African National Congress long before the elections about what role he could play in the economy to assist in propelling the economy forward.

He said the country needed deep-seated economic transformation.

“We cannot proceed like we have been doing. Bold, decisive, courageous and responsible action is now needed,” he said in his post.

“I have indeed submitted a very simple letter 'requesting' the leadership to 'release' me from the parliamentary list. This is factual.”

He said he intended to stay in the private sector, pushing economic transformation through, among others, Mboweni Brothers Investment Holdings (MBIH) and MBIH Capital in particular.

He said the country needed capital in order to drive economic transformation.

“Without capital, we are behaving like we are in a French breakfast picnic. I will continue to work with universities and pass on my experience to the students,” he said.

Mboweni added that he was heavily involved with universities in the country and if afforded the opportunity, he would play a role as Chancellor or Chairman of Council at one of them.

“Then I will continue to be an active member of the NEC’s (national executive committee) Economic Transformation Committee and the ANC in general.'

“This is an important task as we further refine policy for implementation, not just academic conversations. I hope also to be active in one or the other state structure,” said Mboweni.

He ended his post by saying he was “not letting our people and voters down”.

“I could never do that. You will support my decision, I think, I hope.” - Sapa



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