Former finance minister Tito Mboweni ditches Parliament for the private sector

• Tito Mboweni has given up his seat in the National Assembly.
• Mboweni resigned from the legislature on Monday - and is set to join the private sector.
• According to the ANC, Mboweni is set to join a prestigious financial institution.

Former finance minister Tito Mboweni has resigned from his seat in Parliament.

The move comes nearly six months after he left President Cyril Ramaphosa's Cabinet.

Nomfanelo Kota, spokesperson for the ANC's parliamentary chief whip, Pemmy Majodina, said Mboweni submitted his resignation letter on Monday.

She said Mboweni would be joining one of South Africa's "prestigious" financial institutions, without divulging more details.

"He has informed us that his last day would be Monday. We wish him well in his new endeavours and all the success when he starts his new job. Of course, we will greatly miss him. When he starts his new job, we will know where he is going," she said.

Kota described Mboweni as well-rounded cadre of the ANC.

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"He was trained in the movement, grew up in the movement, and served in various positions. He has a wealth of experience, and we hope that he will continue to serve the nation as best as he does," she said.

Moloto Mothapo, Parliament's spokesperson, confirmed Mboweni's resignation effective, as from Monday.

Mboweni served as finance minister in Ramaphosa's Cabinet from 2018 to 2021. He was sworn in on 9 October 2018, following Nhlanhla Nene's resignation.

Mboweni was also the labour minister from May 1994 to July 1998.

Prior to his appointment as labour minister, Mboweni was deputy head of the ANC's department of economic policy. He also represented the ANC on several domestic and international platforms.

He was the eighth governor of the South African Reserve Bank (SARB) - from 1999 to 2009.