These are a few of the not-so-secretive and secretive individuals supporting political parties in South Africa in advance of the general election of 2024.
The Outlier’s data journalists have compiled amazing data regarding the sources of funding for political parties in South Africa. Political analysts predict that the 2024 General Elections, which take place on Wednesday, May 29, will be the closest election in South African history, with little over two months to go. The African National Congress, they claim, has a very serious prospect of losing power for the first time since it was elected thirty years ago, at the outset of this country’s democracy.
Who Finances the Political Parties in South Africa?
The Electoral Commission of South Africa (IEC) statistics on The Outlier is used by Daily Maverick to provide a concise and clear explanation of the political party funding landscape in South Africa. In essence, the Democratic Alliance (DA) is heavily funded by a single person and a wealthy family. as well as a few newly formed political parties.
As of right now, the Democratic Alliance has reported receiving R164.3 million in donations. With R148.3 million, the African National Congress is in second place. A reminder that all political parties are required by law to report to the IEC any contributions exceeding R100,000.
Born in Durban Sydney-based entrepreneur Martin Moshal, who amassed a fortune in the gaming industry, has been revealed as the largest individual contributor to regional political parties. It is also believed that he owns shares in the UK Betway gaming company. A third of the R437 million announced by the IEC comes from donations made by Moshal.
A Family Matter?
The Oppenheimer family, Africa’s third-richest family, is one of the main donors to South Africa’s political parties, though. 42% of the DA’s funding, according to Daily Maverick, comes from Moshal and the Oppenheimers. Additionally, Rebecca Oppenheimer gave Rise Mzansi R15 million, or 90% of the party’s total finance.
Moreover, the DA received R65 million from investment firms Fynbos Ekwiteit and Fynbos Kapitaal, accounting for one-third of the party’s overall fundraising. Michiel Le Roux, the founder of Capitec, is a director of the aforementioned businesses.
ANC Financial Support?
On the other hand, well-known trusts that exclusively support the ANC, such as Batho Batho and Chancellor House, provide half of the ANC’s income. They have contributed R82 million. Additionally, a sizable portion—roughly 25%—of the party’s funding originates from mining corporations. United Manganese of Kalahari is the source of R30 million of this money.
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