Breaking Barriers: Mmakgoshi Lekhethe's journey to the IDC's leadership

Mmakgoshi Lekhethe, the first female CEO of the Industrial Development Corporation (IDC), is a trailblazing leader who officially took office in February 2025. Her star shines bright. 

In an interview with Business Report, shortly after presenting the IDC’s annual results, Lekhethe reflected on the path that led her to head one of South Africa’s most influential development finance institutions. The IDC’s mandate is to drive sustainable economic growth and build inclusive economies by promoting industrialisation, supporting entrepreneurship, and fostering job creation, particularly for black-owned businesses, women, and youth.

Lekhethe was born in Lydenburg, Mpumalanga.

She grew up in a family of five children, the only girl among four brothers. At the age of five, she moved with her family to Burgersfort, a small mining town in Mpumalanga. Her mother was a primary school principal, instilling in her the values of discipline and hard work. Her father, who had worked as a hospital administrator in Lydenburg, was, as she describes him, “a born entrepreneur.” In Burgersfort, he opened a general dealership, where Lekhethe spent her school holidays helping behind the till, doing stock counts, and assisting with banking.

“I learnt there the lessons about accuracy, about the love for numbers and what they mean, but also the ability to be trusted with responsibility,” she recalls.

At 12, Lekhethe went to boarding school in Limpopo.

When it came time for tertiary education she chose to pursue a BCom majoring in economics, inspired by the influence of her father. “I remember my dad asking, ‘Are you sure? Why do you want to do this?’ and I told him it would help with growing his business and the future.” While her brothers went into science and medicine, she alone chose commerce.

She completed her Bachelor of Commerce degree in Economics at the University of KwaZulu-Natal, followed by a Bachelor of Commerce (Honours) at Wits University, before adding Master of Science in Economics from the University of London. 

Post 1994, when the government was actively recruiting to its ranks, she applied to both the Department of Trade and Industry and National Treasury, choosing Treasury, where she spent over 25 years. “Looking back, my stint at the Treasury didn’t feel like hard work. I loved contributing to what I was doing,” she says with a chuckle.

Her career also saw her seconded to major international institutions, including the World Bank, the African Development Bank (AFDB), and the New Development Bank (NDB), where she spent 18 months during its establishment phase. Her stint at the AFDB has largely shaped her passion for the rapid integration of the Africa Continental Free Trade Area (AfCFTA).

As a result of the AfCTA and in terms of number of countries and population, Africa is now home to the world’s largest free trade agreement offering investors access to an integrated single trade and investment market of more than 1.3 billion people with a combined gross domestic product (GDP) that is projected to exceed US$3.4 trillion in a few years.  

While structural challenges have persisted across several countries, the continent boasts abundant opportunities that are critical to transforming its fortunes. The introduction of new plant equipment and adoption of modern manufacturing technologies among other factors, have the potential to galvanise productivity in the continent’s workforce thereby improving its economic fortunes.

If implemented, these developments could in turn facilitate the creation of employment opportunities across the continent. In fact, estimates by the World Bank show that the AfCFTA could raise Africa’s exports to the rest of the world by 32% by 2035.

"Our road is as important now as it has been in the past. And we need to go into the continent for growth. The opportunities are immense."

How did she end up at the IDC? By the time the IDC opportunity arose, she had returned to the National Treasury after seeing out a recent secondment. “It came at an interesting time,” she says, explaining that she was approached by a headhunter for the role.

In being appointed as CEO she became the first female to lead sub-Saharan Africa’s biggest development finance institution, which turns 85 years on the 1st of October 2025.

“Being the first female CEO is an immense responsibility,” Lekhethe says. “The financial services sector, while it has made some breakthroughs in bringing female leaders in, is really lagging behind.” She points out that in South Africa only one commercial bank, FirstRand, is led by a woman. For her, leading the IDC during such a challenging period for the country, is both a privilege and a responsibility.

Seven months into her new role, she credits an excellent IDC leadership team for their support and this she says has helped her to settle seamlessly into her new role - a factor that has helped her to identify her immediate priorities.

“When I joined, I was very excited and honoured to be appointed. I knew the IDC was a well-managed institution that consistently achieved unqualified audit statements. I didn’t come with a preconceived idea of what works and what doesn’t,” she says, adding that her experience thus far has given her sufficient insights on what to focus on as she readies the corporation to take on emerging challenges while embarking on a new growth frontier.

The IDC’s agility to respond to pressing challenges that have faced the country over the past eight decades, makes the organisation an important institution in South Africa’s socio-economic and transformation trajectory.

For more than 80 years, the IDC has been instrumental in shaping as well as implementing South Africa’s industrial policy, establishing some of the industries that have since become cornerstones of the country’s manufacturing sector.

These include the petrol-chemicals and minerals beneficiation industries, fabricated metals, agro-industries, clothing and textiles among others. Looking ahead, she wants the IDC to focus more on building strategic partnerships as the corporation prepares to play a significant role in helping the country to create new industries.

“There are abundant opportunities in the development of the local Green Hydrogen Economy, the critical minerals value chain, growing the Agriculture and agro-processing industries including the renewable energy space. I’m encouraged that we have a very smart leadership team including staff to help us achieve our objectives.”

Throughout her career, Lekhethe was mentored by leaders such as Maria Ramos and Gill Marcus. Appreciating the significance of mentorship in the corporate landscape, she now mentors women leaders across South Africa and the continent, including in Namibia, Botswana, and Zimbabwe. Her advice to mentees is straightforward: “Never be afraid to ask for help and know that it’s always there. And never be afraid to fail. You can make mistakes, but when opportunities come, take them. Acknowledge that you don’t know everything—there are always people in the room who know more than you.”

Seven months into her new role, she credits an excellent IDC leadership team for their support and this she says has helped her to settle seamlessly into her new role - a factor that has helped her to identify her immediate priorities.

She remains upbeat about prospects for the corporation stating that the IDC is a beacon of hope for many South Africans especially the majority of entrepreneurs who for long were consigned to the periphery and were now looking for opportunities to break into the mainstream economy.

“Our staff understand the urgency and need to transform and grow our economy so it can begin to create jobs and help address the myriads of challenges we face, top of which is unemployment. Unfortunately, we are in competition with several financial institutions for highly skilled staff. Retaining critical skills is one of my top priorities,” she told a local business publication after the IDC announced its results.

Against the backdrop of headwinds facing both the global and local economy, Lekhethe remains positive about the future.  “I’m ever an optimist but the most important thing is we have new beginnings. We have a new shareholder representative in Minister Paks Tau and a new board leadership led by Ms Gloria Serobe. I’m confident about the future of the organisation and the country at large,” she says.

BUSINESS REPORT