South Africa's former finance and labour minister and first Black central bank governor Tito Mboweni has died aged 65 following a brief illness, the presidency said late on Saturday.

Mboweni was an anti-apartheid activist as a student who later became democratic South Africa's first labour minister from 1994 to 1999 under former President Nelson Mandela.

He then served as governor of the South African Reserve Bank for a decade from 1999, and later as finance minister from 2018 to 2021 under President Cyril Ramaphosa.

"His role in shaping our democratic future particularly during the dying days of apartheid, cannot be overstated," said his party, the African National Congress, describing him as a trusted voice in the economic debates that framed the transition to democracy.

Mboweni helped establish the post-apartheid labour legislation that lay the foundation for collective bargaining and labour courts to uphold worker rights, the African National Congress (ANC) said.

As central bank governor he oversaw the introduction of inflation targeting to help the bank achieve price stability.

He was a close ally of Ramaphosa and served on the ANC's National Executive Committee, which handles party decisions.

"Given his sense of vitality and energetic and affable engagement with fellow South Africans, Dr Mboweni's passing at 65 comes as a shock," said Ramaphosa in a statement.

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