Billionaire Christo Wiese says Cyril Ramaphosa has been a disappointment as president, but has sympathy for the situation in which he must lead.
Wiese shared his views about Ramaphosa in a wide-ranging discussion with Sizwe Mpofu-Walsh on the SMWX podcast.
To date, Ramaphosa’s term as president has been marked by slow economic growth, persistent high unemployment, and the implementation of controversial policies.
South Africa’s Gross Domestic Product (GDP) growth has persistently been under 1%, which puts pressure on the country’s finances.
The Minister of Finance was forced to borrow money to prop up South Africa’s budget, which resulted in the country’s debt-to-GDP ratio hitting all-time highs.
The May 2025 National Budget indicated that gross loan debt reached 76.9% of GDP in 2024/25 and estimates it will reach 77.4% in 2025/26.
The state pays over R1.1 billion a day to service this debt. This money is effectively “dead” in that it does not provide any benefit to the country.
The slow economic growth has also led to extremely high unemployment levels, which many economists describe as a crisis.
The latest data shows that South Africa’s official unemployment rate is 32.6%, while the expanded definition puts it at 41.2%.
If South Africa cannot address this challenge, the country’s long-term economic growth will remain flat, resulting in a worsening financial disaster.
The primary reasons for the poor economic growth and high unemployment are damaging government policies and the appointment of the wrong people.
Under Ramaphosa, many damaging laws, including expropriation without compensation and national health insurance, were introduced.
His administration also continues to promote Black Economic Empowerment (BEE) and Affirmative Action (AA) laws, despite their negative economic impact.
The deteriorating relationship with the United States, South Africa’s second-largest trading partner, is also damaging to the country.
The collapse of the SA Police Service (SAPS), the National Prosecuting Authority (NPA), and other institutions is also a blot on his legacy.
Despite widespread corruption, there is little action against those responsible for state capture and other public sector ills.
Christo Wiese’s views on Cyril Ramaphosa
Businessman Christo Wiese described Cyril Ramaphosa’s presidency as a disappointment which did not live up to expectations.
Wiese is one of South Africa’s most successful businessmen and is behind many of South Africa’s top retailers.
His portfolio includes many prominent brands, including Shoprite, Checkers, Usave, Pep Stores, and OK Bazaars.
He is, therefore, in a good position to assess Ramaphosa’s performance from a business and economic perspective.
Wiese said he holds Ramaphosa in high regard as a person. “He is a good person and I am sure he would have wanted to have a better legacy,” he said.
“I have always defended him because I blame the system where a President can be recalled at any time by seven or eight people,” he said.
“The fact that a small group of people who don’t bear the ultimate responsibility of running the country can recall a President is wrong.”
He said the fact that Ramaphosa’s predecessors, Thabo Mbeki and Jacob Zuma, have been recalled showed the flaw in the system.
This means that the sitting President must walk a tightrope to keep a handful of people happy or risk being recalled.
“This can land the country in a worse situation. This is why I have sympathy with President Ramaphosa and why I defend him,” Wiese said.
“However, there are instances where the government has failed miserably. The worst is the police and judiciary.”
He said maintaining the rule of law is crucial for any country to succeed, and this is a significant failure of Ramaphosa’s government.
Wiese also slated the obsession with outdated ideologies, which prevents the government from doing things which are good for the country.
