South African billionaire Patrice Motsepe could lift growth to 3% as president, analyst says

South African billionaire Patrice Motsepe could lift the country’s economic growth to between 2% and 3% a year if he became president, political analyst Frans Cronje said, as speculation continues that the mining magnate will run for leadership of the African National Congress.

Cronje made the comments on Thursday in a webinar hosted by Foord Asset Management, according to Daily Investor. He said Motsepe has the ability and willingness to make what he called basic decisions that could lift growth to that range.

Among them, Cronje said, is refitting South Africa’s coal power fleet, which he described as easy because the infrastructure already exists. He also said South Africa has the resources to rank among the world’s top 20 oil and gas exporters but has not developed them. Cronje pointed to reforms in energy and transport as the areas where decisive leadership could do the most.

He also cited Motsepe’s record at the Confederation of African Football as evidence that he can take difficult decisions and turn an organization around.

Cronje said polling by his firm, Frans Cronje Private Clients, shows Motsepe’s camp leading the ANC’s leadership race. He dismissed Motsepe’s earlier denials, saying his comments had been misconstrued, but warned that the road to the party presidency is difficult.

Motsepe has repeatedly said he does not want to enter politics. In July, he told Newsday that South Africa does not need him to go into politics. In March, he distanced himself from the PM27 campaign promoting him as a successor to President Cyril Ramaphosa, who is married to Motsepe’s sister, Tshepo.

Ramaphosa is expected to step down as ANC leader at the party’s national conference in December 2027, where a successor will be elected. The speculation around Motsepe grew earlier this year after he stepped down as executive chairman of African Rainbow Minerals. Cronje described that move at the time as a strategic step toward a leadership bid.

Cronje has backed Motsepe before. In March, he named him the favorite to lead the ANC, citing data from the Social Research Foundation. Economist Dawie Roodt has also said electing Motsepe would be the best move the ANC could make. The growth figure is Cronje’s own assessment, not an economic forecast.

Motsepe, 64, founded African Rainbow Minerals and has led CAF since 2021. Forbes valued his fortune at $3.5 billion in July. He has had a busy week on other fronts. Assore, the mining house controlled by the Sacco family, accused ARM of seizing powers at the Assmang venture the two companies co-own, and CAF raised its annual grants to member associations by 33% to $700,000 each.