Mmakgoshi Lekhethe
CEO: Industrial Development Corporation
'Our focus is not just on surviving the current economic headwinds, but on actively shaping the next frontier of growth'
THE first woman to hold the office in the Industrial Development Corporation’s (IDC’s) 85-year history, Mmakgoshi Lekhethe recently completed a year as CEO. It involved steering the development financier through a difficult economic environment. GDP grew a meagre 0.4%, while commodity prices were weak and the manufacturing sector remained listless.
The IDC’s 2024/25 financial results reflected these headwinds. Profit declined sharply, driven largely by lower dividend income from its equity holdings in mining and fair-value losses in its investment portfolio as commodity prices softened. Despite these pressures, Lekhethe has sought to deploy capital more strategically to counter private-sector caution. The IDC has increased its commitment to the energy transition, committing $10m to a blended-finance facility and adding 1,123MW of renewable energy capacity to its portfolio.
In late 2025, the IDC reopened applications for its R400m Junior Mining Exploration Fund, offering grants convertible to equity for black-owned junior miners focused on critical minerals such as lithium and copper. It also allocated R2.2bn to distressed businesses to preserve industrial capacity and protect an estimated 15,732 jobs. Looking ahead, Lekhethe’s medium-term priorities include intensifying localisation and protecting South Africa’s steel and manufacturing base from import competition.
LIFE OF MMAKGOSHI
Born in Lydenburg (Mashishing), Mpumalanga, Lekhethe had early exposure to business through her father, a general dealer in Burgersfort. She spent school holidays working behind the till and assisting with banking. She holds economics degrees from the University of Durban-Westville and the University of the Witwatersrand, as well as an MSc in international economics from SOAS, University of London. She began her career at National Treasury in 1996, rising to deputy director-general roles, and later gained international experience through senior advisory roles linked to the G20, the World Economic Forum and BRICS.
