Tito Mboweni calls for economic empowerment and state banking at UL’s 10th Archbishop Thabo Makgoba Lecture

Former South African Reserve Bank Governor Tito Mboweni emphasises the need for strategic economic measures to uplift and empower black communities

 By Johannes Selepe |mosela.selepe@ul.ac.za

 

Former Reserve Bank Governor and the University of Limpopo (UL) alumnus, Tito Mboweni has issued a stark warning about South Africa’s economic trajectory, arguing that the country is at a critical juncture

 

Mboweni was delivering a keynote address at the 10th Archbishop Thabo Makgoba Annual Lecture, hosted by UL as part of its 65th anniversary celebrations, Mboweni highlighted the systemic economic inequalities that continue to plague the nation. He pointed to the sustained dominance of white individuals in key sectors of the economy and stressed the need for immediate, robust interventions to foster meaningful economic empowerment.

“The economy, especially agriculture, is dominated by white people. Job creation is in their hands, and unless something is done, economic empowerment will not be achieved,” Mboweni stated. He emphasised the need to address the financial structure of the economy to solve the issue of economic empowerment.

Mboweni also urged UL to play a pivotal role in creating a state bank to empower black communities. “The University of Limpopo is doing a great job of training graduates for the labour market, but it should also help create a state bank to empower black development,” he said.

 

He criticised the current banking system, which he described as unfavourable to black development, advocating for state banks to address various economic challenges. Drawing comparisons to China’s diverse banking system, Mboweni suggested that state specialised banks could be used for different development needs in South Africa.

 

The former governor also touched on corruption, referencing the VBS Bank scandal and highlighting how it hinders progress: “Corruption is a very serious issue that disrupts development. Many things could have been achieved without it.”

 

The lecture, hosted in partnership with The Archbishop Thabo Makgoba Development Trust, also featured student presentations on research projects aimed at improving livelihoods in local communities. Faith Makgopa, a Master of Science in Animal Production student at UL, presented her project on the phenotypic characterisation of livestock for conservation and genetic improvement. “We identify the production purpose of animals and share these findings with local farmers, teaching them how to select economically important traits to improve productivity,” Makgopa explained.

 

The lecture series has also contributed to the development of a shade house for plant production students, providing practical training in seedling raising and vegetable production to address food security in Mankweng. Additionally, the establishment of a broiler house has given students hands-on experience in animal production while generating income for bursaries and research. Plans are underway to build a hatching house, further involving local farmers and expanding the project’s reach.

 

 

Archbishop Thabo Makgoba, Chairman and Trustee of The Archbishop Thabo Makgoba Development Trust, reflected on the decade-long partnership with UL. “It has been a wonderful journey with UL over the past 10 years. I’m glad to learn that this partnership has empowered many students and communities. The students’ request for land to work on has not fallen on deaf ears, and we will work with the Faculty of Science and Agriculture to address it,” he said.

 

Archbishop Makgoba emphasised the lecture’s role in fostering dialogue for national growth, particularly through education. “I’m happy that through this lecture, UL students can teach communities about improving livelihoods, including eradicating poverty through gardening and other initiatives,” he added.

 

 UL Vice-Chancellor and Principal, Prof Mahlo Mokgalong, reflected on the University’s 65 years of excellence and its role in training students across various sectors. He expressed pride in UL’s collaboration with the Archbishop Thabo Makgoba Development Trust: “Over the past decade, this lecture has allowed us to address food security and promote agricultural best practices in Limpopo’s rural areas.”

 

 

Archbishop Makgoba also congratulated UL on its 65th anniversary, saying, “It is a significant achievement, considering where you started and how far you’ve come, especially in empowering communities.”