The recent revelation about economist Thabi Leoka falsifying her PhD has sent shockwaves through South Africa’s corporate world. As a trusted advisor to the President and a board member of several listed companies, Leoka built a career on what turned out to be a lie. Earlier this year, President Cyril Ramaphosa fired the disgraced economist from his Presidential Economic Advisory Council.

Now, the Johannesburg Stock Exchange (JSE) fined her R500,000 for misrepresenting her qualifications, raising serious concerns about her integrity and sending a strong message against fraudulent conduct.

 

Exploiting Trust for Personal Gain
Leoka’s case is a textbook example of fraud: lying about her qualifications to secure prestigious positions, large salaries, and unmerited public trust. Serving on boards like MTN, Anglo American Platinum and Remgro, she misled companies and the public. Her high-profile roles were likely influenced by her purported PhD, a qualification she never held. This isn’t just a misstep—it’s deception that should face legal consequences, given the magnitude of her influence and financial gain.
A Signal to the Youth
In a country grappling with high youth unemployment, cases like Leoka’s set a dangerous precedent. Her fraudulent path to success indirectly signals to young South Africans that deceit might be a viable path to career advancement. It’s a disheartening message to those who work hard for their qualifications and integrity. The legal system must take a firm stance to ensure that figures like Leoka face consequences, demonstrating that fraud will not be tolerated.

Repeat Offenders: A Growing Trend
Leoka’s case mirrors that of former Prasa engineer Daniel Mthimkhulu, who lied about his qualifications and was sentenced to 15 years in prison. Mthimkhulu’s deception cost the state millions and damaged Prasa’s reputation. The trend of falsifying qualifications is on the rise, with professionals seeing this as an easy way to achieve success without effort. Without stringent consequences, more individuals may attempt similar deceptions, exploiting trust for personal gain.

Restoring Public Trust
To uphold corporate integrity, South Africa’s regulatory bodies and judicial system must enforce strict penalties. The JSE’s fine is a start, but financial penalties alone aren’t enough to restore public trust. Authorities must demonstrate that corporate fraud and dishonesty lead to real consequences, including potential jail time. It’s essential to set a precedent that fraudulent qualifications and deceitful paths to success are unacceptable, particularly for those in positions of public trust.

A Call for Accountability
As a respected economist, Leoka had an obligation to uphold the values of honesty and transparency. Her actions have not only tarnished her reputation but also damaged public trust in South Africa’s corporate leadership. In a nation where unemployment and inequality run high, the consequences of such behaviour extend beyond individual careers. South Africa needs to see an end to fraud-driven career paths and send a clear message: dishonesty will be met with the full force of the law.