Political analyst Ralph Mathekga opens up about the art of telling South Africa the hard truths

Stephen speaks to Dr. Ralph Mathekga about his remarkable career journey, from studying political science and law at Wits to earning a PhD at the University of Johannesburg, and his influential roles as a researcher, lecturer, policy analyst, columnist, and author of acclaimed books on South African politics.

Listen to the interview in the audio player below.

Dr Ralph Mathekga has built a reputation as one of South Africa’s most unflinching political analysts.

For more than a decade, he has been a go-to interpreter of the country’s political economy for local and international audiences, unpacking the stories behind the country's tangles web of politics.

He began his studies in Political Science, Law and Economic History at the University of the Witwatersrand, where he completed his BA, Honours and Master’s degrees in Political Science.

He later earned a PhD in Political Studies from the University of Johannesburg in 2018.

His academic career includes three years at the New School for Social Research in New York, where he researched, wrote and engaged with global debates on governance and social transformation. Back home, he lectured in Political Science at the University of the Western Cape and completed post-doctoral research at the University of Johannesburg.

He's woreked in several roles during his career, including a short stint as a banker, and then serving as a Senior Policy Analyst in the National Treasury’ Budget Office.

Mathekga has also penned more than 500 opinion pieces, while his books have tracked South Africa’s shifting political leadership When Zuma Goes (2016) anticipated the political rupture of the Jacob Zuma era; Ramaphosa’s Turn (2018) examined the hopes and contradictions surrounding Cyril Ramaphosa’s ascent; and The ANC’s Last Decade (2021) offered a sober assessment of a governing party in decline.

His forthcoming book, The Role of the Judiciary in a Historically Divided Society (2025), signals another intervention into a key institution increasingly thrust into the centre of political and economic battles.

Today, Mathekga is a senior expert with the Liechtenstein-based Geopolitical Intelligence Services (GIS), where he analyses trade, diplomacy and geopolitical dynamics in the SADC region.

Speaking to Stephen Grootes on The Money Show, Mathekga says one thing he is sure about, he's definitely not a politician.

"Actually, I've been mistaken for being a politician. That I always correct, to say no. I'm not a politician. Politicians are people who go to office. They get elected. I don't do that. What I do, is to look at the issues. Look at the broader environment within which actors, we referred to as politicians or political leaders, they make decisions and what criteria do they use," said Mathekga.

"Before I worked at Treasury, I was a lecturer at the University of the Western Cape. I lectured their for two years and then I applied for a job at Treasury."

"Working in National Treasury, I got to understand concepts such as bonds, income assets and believe me, I once worked for bank for about six months where I was providing analysis for the fixed income assets group," 

Gazing into his crystal ball, Mathekga commented on the future of South African politics and how it's likely to be reshaped after the 2026 local government elections.

"I see further fragmentation and I see further regionalisation of our politics. That's one are where it's only the Democratic Alliance that has pushed it quite a lot, cementing themselves in the Western cape, but we're going to see other parties doing that too," added Mathekga.

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