South Africa’s President Cyril Ramaphosa has donated half his presidential salary towards the development of social projects in the country.
South Africa’s President Cyril Ramaphosa has donated half his presidential salary towards the development of social projects in the country.
The 65-year-old president made the announcement via his Twitter handle on Wednesday, saying the money will go into a fund that will be managed by the Nelson Mandela Foundation.
South Africans and the world at large are this year celebrating Mandela’s centenary birthday, with a host of projects and events lined up in his honor.
Ramaphosa said the fund will be officially launched on July 18, the date of Nelson Mandela’s birth.
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It is unclear how much President Ramaphosa takes home monthly, though sources say he earns much more than the $20,000 that former leader Jacob Zuma pocketed each month.
Cyril Ramaphosa
Ramaphosa was born on November 17, 1952 in Soweto, an impoverished township in Johannesburg, and obtained a law degree in 1981 through correspondence studies with the University of South Africa, UNISA.
Ramaphosa had hoped to succeed Nelson Mandela, but this hope was dashed when he lost out to Thabo Mbeki in the race to become South Africa’s deputy president under Mandela.
After his disappointment, Ramaphosa withdrew from the center-stage of politics and started a lucrative career in the private sector. His Shanduka Group acquired stakes in mining firms, a mobile operator and McDonald’s South African franchise.
In 2014, he became one of the country’s richest men when he divested from Shanduka, which at the time was worth more than $580 million. His step away from business pursuits was made in a bid to avoid conflicts of interest after Zuma appointed him as South Africa’s deputy president that year.
Cyril Ramaphosa was elected president of South Africa early this year by a parliamentary vote, less than 16 hours after his rival Jacob Zuma resigned after days of defiantly refusing to leave office.
