President Cyril Ramaphosa. Picture: Gallo Image
Cyril Ramaphosa was sworn in for another term as South Africa’s president at the Union Buildings in Pretoria on Wednesday, 19 June 2024.
The 71-year-old statesman confidently landed a second term as president when he was re-elected with 283 votes during the marathon first sitting of the National Assembly last Friday.
The South African trade union leader, business tycoon, former mine boss and president is considered one of Africa’s wealthiest entrepreneurs, according to Celebrity Net Worth.
BusinessTech previously reported that the budget for The Presidency in 2023/24 stated that the country’s president’s salary would remain at around R4.2 million.
This of course does not include the entire spread of tax-free benefits and perks which include vehicles, homes and rands spent on private VIP security.
If one unpacks his annual salary, it boils down to the following:
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The newly inaugurated president first achieved national renown in the early 80s as secretary general of the National Union of Mineworkers (NUM) and later rose in the ranks of the ANC under Nelson Mandela.
But beyond his political ventures, the former anti-apartheid activist – widely recognised as the leader of the African National Congress (ANC) – amassed his billions throughout the years with numerous black empowerment deals and business interests in top companies.
So, what is Cyril Ramaphosa’s estimated net worth?
Forbes Magazine estimated the trade unionist-turned-tycoon’s net wealth to be around $450 million (R8.3 billion) a few years back in 2015.
Following his election to deputy president of South Africa in 2014 during Jacob Zuma’s reign as president, Ramaphosa stepped away from a majority of his business interests.
Prior to that, the savvy businessman fondly known as “The Buffalo”, acquired a stake in nearly every key sector – from telecoms and the media to beverages and fast food to mining.
His big money spinner was the managed investment company Shanduka Group which he founded and served as executive chairman.
By 2014, Shanduka was worth more than R20 billion, and the Ramaphosa family’s Tshivhase Trust was its majority shareholder.
According to My Broadband, the company had several top South African businesses in its portfolio, including MTN, Standard Bank, Coca-Cola bottling plants, McDonald’s in South Africa, Bidvest, Towers, Liberty, platinum metal producer Lonmin (which included the Marikana mine) and Seacom.
By 2014, Shanduka was worth more than R20 billion, and the Ramaphosa family’s Tshivhase Trust was its majority shareholder.
Shanduka was sold to the black-owned investment company Phembani Group in June 2015.
My Broadband reported that the transaction netted Ramaphosa at least $200 million (around R3.6 billion).
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In his business tycoon heydays, he was also a non-executive director at Alexander Forbes, Macsteel, SABMiller, and Standard Bank, according to My Broadband.
Ramaphosa last declared his interests in Parliament’s annual register of members’ interests in 2017.
In this declaration, he disclosed that he received no remuneration outside his government salary and was not involved in consultancies or retainers.
According to Ramahosa, the only entities he had stakes in were Ntaba Nyoni Estates, Ntaba Nyoni Feedlot, Mondly LTD and Puma Sports Cars.
At the time, he also owned two luxury properties in Cape Town, 32 townhouses and flats and was listed as a deferred beneficiary for three of five trusts.
Running on an anti-corruption platform, Ramaphosa was elected as president of the ANC in late 2017. Early the next year, he was elected president of South Africa following the resignation of Zuma.
In May of 2019, Ramaphosa was elected unopposed to his first full presidential term.
Ramaphosa’s business interests, however, came under the spotlight after the theft of $580,000 (R9.8 million) in cold hard cash from the president’s now-infamous couch at Phala Phala farm on 9 February 2020.
The “Farmgate” scandal was brought to the public’s attention by former spy boss and Zuma-ally Arthur Fraser, who accused Ramaphosa of a cover-up in the lead-up to his bid for re-election as ANC president in 2022.
The Democratic Alliance (DA) has in the past voted for the president to face impeachment following the Phala Phala scandal.
However, in a U-turn, DA federal council chair Helen Zille told 702’s Clement Manyathela in an interview this week that the party would not support a motion of no confidence in Ramaphosa. She said unless new evidence of criminality involving Ramaphosa emerged, the decision to not support the motion was part of the Government of National Unity (GNU) agreement.
This was after the Economic Freedom Fighters (EFF) tabled a motion to invoke an impeachment process during parliament’s first sitting.
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