Cabinet has approved the appointment of Mmakgoshi Lekhethe, a senior official from the National Treasury, as the first woman CEO of the State-owned Industrial Development Corporation (IDC).

Lekhethe, who joined the National Treasury in 1996 and who has played various roles at the department since then, is currently deputy director-general for asset and liability management and has over 20 years of experience in the public finance sector.

She holds a BCom (Economics) degree from the University of Durban Westville, a BCom Hons (Economics) from the University of the Witwatersrand, and an MSc (International Economics) from the University of London, SOAS, UK.

Trade, Industry and Competition Minister Parks Tau described Lekhethe’s appointment as an “historic milestone”, adding that it reflected government’s commitment to promoting gender diversity and representation in leadership roles.

In a separate statement, Finance Minister Enoch Godongwana described Lekhethe as an accomplished public servant and a proven leader.

“Ms Lekhethe’s considerable local and international experience in financial markets and economic policy puts her in good stead to lead the IDC’s push to reinvigorate South Africa’s industrial policy agenda at time when economy needs it most,” Godongwana added.

She assumes the position left vacant after TP Nchocho’s contract ended in December 2023. The role has been filled in the interim by David Jarvis.

Separately, Cabinet also approved the appointment of Mziwabantu Dayimani as CEO of the National Empowerment Fund.

Tau said that Dayimani’s appointment marked a new chapter for the institution, highlighting his record and expertise in fostering economic empowerment.