Minister of Finance Enoch Godongwana has passed his condolences to the family of Former Minister Tito Mboweni following his passing on Saturday evening.

Mboweni served as Finance Minister from 2018 to 2021, following the role Governor of the South African Reserve Bank (SARB), and the first Labour Minister of the democratic dispensation.

READ | Former Finance Minisiter Tito Mboweni passes on

"We have lost a titan. A thinker, a doer and above all - a patriot. I am lost for words and heart broken.

"It is hard to imagine the grief felt by those closest to him. Our thoughts are with them during this difficult time," Godongwana said on Sunday.

The SARB joined the chorus of voices expressing condolences to the Mboweni family.

"Mr Mboweni's passing is a great loss to South Africa, the continent and the global economic community. He played a meaningful role in driving economic transformation and social change throughout a distinguished career.

"Mr Mboweni guided South Africa through periods of great uncertainty, with a steady hand on the economy during the Global Financial Crisis of 2008 as Governor, and later shepherding the country's finances through the challenges of the COVID-19 pandemic as Finance Minister," the SARB said.

Mboweni served as Governor of the reserve bank for some 10 years - between 1999 and 2009.

"He was a passionate central banker and played a key role in building the SARB into the professional, formidable and purposeful organisation it is today. During his tenure, the SARB introduced live media conferences to publicly announce the decision of the Monetary Policy Committee, making it more transparent and accountable.

"He also introduced the Monetary Policy Forums in provinces across the country, giving ordinary South Africans the opportunity to engage directly with SARB officials. It was also under his leadership that the SARB implemented South Africa's inflation targeting policy, spearheading efforts to reduce inflation to within the target of 3%-6%.

"He advanced the modernisation of the SARB at large, including the national payment system, strengthened internal governance processes, and built a strong and sustainable leadership team. He played an impactful role on the global stage, driving meaningful change at various multilateral organisations," the bank said.

The SARB added that it mourns Mboweni's passing.

"We will miss his candour and sharp wit, which endeared him to many. Our thoughts and prayers go out to his family during this difficult and trying time."