South Africa's finance minister eyes political allies to lead $200 bn PIC board

South Africa’s finance minister Enoch Godongwana is evaluating two senior officials—trade and industry deputy minister Zuku Godlimpi and Seiso Mohai, a senior aide in President Cyril Ramaphosa’s office—to become chair of the Public Investment Corporation, the country’s $200 billion pension-fund manager. The move follows a PwC forensic audit that uncovered valuation errors in a $34 million loan tied to Johannesburg’s Lanseria Airport, leading to the resignation of board chair David Masondo and several directors, as well as the suspension of CEO Patrick Dlamini.

Other prospective board members being discussed are former Nedbank chief Mike Brown and ex-stockbroker Phumzile Langeni, who previously helped attract private capital for the government. Selecting a chair from outside the National Treasury departs from the long-standing convention of assigning the role to a deputy finance minister, bypassing coalition partner Ashor Sarupen of the Democratic Alliance. The DA has proposed legislation to bar recent politicians from PIC board seats, arguing the fund should be depoliticised. Given the PIC’s influence over major JSE listings and government debt, its governance remains a pivotal instrument for South Africa’s economic strategy.