The first black central bank governor of South Africa, who later went on to become finance minister, has died at the age of 65.

Tito Mboweni had suffered a "short illness", the presidency confirmed on Saturday evening, without specifying further.

"We have lost a leader and compatriot who has served our nation as an activist, economic policy innovator and champion of labour rights," President Cyril Ramaphosa said.

Mbwoeni's family said they were "devastated" and that he had died in a hospital in Johannesburg "surrounded by his loved ones".

A former anti-apartheid activist, Mboweni spent almost a decade in exile in Lesotho where he attended university.

That was followed by a Masters degree from the University of East Anglia in the UK.

"I suppose you can call me an exile kid, and international kid born in South Africa," he was quoted as saying in later years.

"But my home is in South Africa, Lesotho, Mozambique, the United Kingdom, Zambia, Angola, Tanzania, Swaziland, the USA, Switzerland, and everywhere I stayed in my youth. I hate narrow nationalism - I cannot stand it. I hate xenophobia."

He returned to South Africa in 1990, then served as the first labour minister under President Nelson Mandela, playing a key role in shaping post-apartheid labour laws.

These laid the foundation for collective bargaining agreements and labour courts to protect workers' rights.

He gained a reputation for being principled and ready to debate issues openly.

Mboweni's penchant for wearing battered old clothes and shoes only added to his earnest public profile.

In his 10 years as governor of the reserve bank, Mboweni earned plaudits for his performance, at one point being named central bank governor of the year by the financial magazine Euromoney - who wrote that "his biggest success has been in bringing inflation under control".

This was followed by a stint in the private sector, including as an international adviser to the global investment bank Goldman Sachs.

More recently, as finance minister in President Ramaphosa's government between 2018 and 2021, Mboweni was credited with stabilising the economy.

He took that post despite suggesting months earlier that he was too long in the tooth and it was perhaps time for new blood.

"Against the wisdom of my team, please don’t tell them this. It’s between us, I am not available for minister of finance. You cannot recycle the same people all over again. It is time for young people. We are available for advisory roles. Not cabinet. We have done that," he wrote on X (formerly Twitter).

In his later years, he charmed South Africans with his laidback lifestyle and humorous cooking posts, sharing recipes and engaging with followers on social media.

One follower remarked after learning of Mboweni's death, "He's left shoes too big to fill".