While his exact worth today can only be speculated, here’s how president Ramaphosa made billions before returning to politics. In 2018, he ascended to president to rescue the African National Congress (ANC) from Jacob Zuma and state capture. At which time his wealth sat at an estimated R6.4 billion, reports Daily Investor. Here are the highlights of how president Ramaphosa made billions, after being an anti-Apartheid activist spring-boarded him into a career in politics.
HOW PRESIDENT RAMAPHOSA MADE BILLIONS
- After completing high school at Mphaphuli High School in 1971, Ramaphosa earned a law degree from UNISA in 1981.
- He created the National Union of Mineworkers (NUM) and served as its first General Secretary.
- Ramaphosa was instrumental in forming the Congress of South African Trade Unions (COSATU).
- By the end of apartheid, Ramaphosa was a leading figure in the ANC, serving as its General Secretary.
- Taking a break from politics after losing the presidential seat to Thabo Mbeki in 1999, Ramaphosa founded Shanduka Group, a black economic empowerment (BEE) investment firm.
- The firm would become a model for BEE success and was valued at more than R20 billion by 2014.
- Shanduka enjoyed a broad portfolio across mining, telecommunications, energy and real estate.
- Notable investments include: MTN, Coca-Cola, Standard Bank and Seacom.
- How president Ramaphosa made billions was by shrewdly acquiring a 20-year master franchise agreement for McDonald’s South Africa, which oversaw 145 restaurants.
- At the same time, he held board positions at Bidvest, MTN, Mondi and SABMiller for over a decade.
RETURN TO POLITICS
Ramaphosa eventually made a political comeback and divested from his business concerns, as per the rules of government. He won the position of ANC Deputy President in 2012 and South African Deputy President in 2014. In 2017, Ramaphosa won the ANC presidency, defeating Nkosazana Dlamini-Zuma. In 2018, following Zuma’s resignation, Ramaphosa became President of South Africa. He was re-elected in 2019 and again in 2024 after securing the support of various political parties under the Government of National Unity.
As President of South Africa Ramaphosa reportedly earns an annual salary R4.2 million, which he has donated to charity previously. Likewise, his background as a businessman and former union leader makes him uniquely positioned to address the country’s many labour challenges. Specifically, unemployment, inequality, and the economic damage left by the Zuma’s legacy of state capture.
WHAT DO YOU THINK OF PRESIDENT RAMAPHOSA’S BUSINESS ACUMEN?
Let us know by clicking on the comment tab below or by emailing info@thesouthafrican.com. Or WhatsApp your thoughts on this article to 060 011 0211. Don’t forget to follow The South African for the latest updates.
