Collins Letsoalo is a South African chartered economist, banker, and corporate financier. He has held several significant positions in both the public and private sectors, including serving as the Chief Executive Officer (CEO) of the Road Accident Fund (RAF).
His professional journey began at the South African Reserve Bank, where he held various roles before transitioning to the public sector. He contributed to the restructuring of state-owned enterprises through the Department of Public Enterprises and later served as Deputy Director-General of Financial Services at the Department of Transport. Notably, he played a pivotal role in stabilizing the Road Traffic Management Corporation (RTMC) and the Passenger Rail Agency of South Africa (PRASA). In August 2020, Letsoalo was appointed CEO of the RAF, succeeding Dr. Eugene Watson.
In May 2025, Letsoalo was placed on special leave by the RAF Board amid allegations of misconduct, including a controversial R79 million office lease deal in Johannesburg. The Special Investigating Unit (SIU) initiated an inquiry into these matters. Subsequently, the RAF Board rescinded the special leave decision, replacing it with a formal suspension, citing insubordination after Letsoalo refused to attend a parliamentary meeting of the Standing Committee on Public Accounts (SCOPA).
Early Life and Education
Collins Letsoalo hails from Ga-Molepo, a rural village in Limpopo Province, South Africa. He was the youngest in his family and demonstrated academic excellence from an early age. Letsoalo completed his primary and secondary education in Ga-Molepo before pursuing higher studies.
His academic credentials include a Matric certificate in Economics, a Bachelor of Commerce (B.Com) degree with a focus on Central Banking, an Advanced Diploma in Treasury Management, a Diploma in Trade Finance, and a Postgraduate Diploma in Management. Additionally, he holds a Chartered Associate of the Institute of Bankers (CAIB) qualification, underscoring his expertise in financial markets and banking.
Career Highlights
South African Reserve Bank
Letsoalo’s professional journey commenced at the South African Reserve Bank, where he held various roles, gaining extensive experience in monetary policy and financial regulation. His tenure at the Reserve Bank provided him with a solid foundation in the country’s financial system.
Department of Public Enterprises
Transitioning to the public sector, Letsoalo joined the Department of Public Enterprises (DPE), where he played a pivotal role in the restructuring of state-owned enterprises. His work involved enhancing governance structures and financial management practices within these entities.
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Department of Transport
Letsoalo furthered his public service career as the Deputy Director-General of Financial Services at the Department of Transport. During this period, he was seconded to the Road Traffic Management Corporation (RTMC), where he contributed to stabilizing the organization and improving its financial standing.
Passenger Rail Agency of South Africa (PRASA)
In 2016, Letsoalo was appointed as the Acting Group CEO of PRASA, tasked with implementing a turnaround strategy to restore operations and governance. His leadership was instrumental in steering the agency through a challenging period.
Road Accident Fund (RAF)
Letsoalo’s most prominent role was as the CEO of the RAF, a position he held from August 2020. Under his leadership, the RAF faced significant challenges, including allegations of financial mismanagement and governance issues. Despite efforts to reform the organization, these controversies culminated in his suspension in May 2025.
Salary and Net Worth
Details regarding Letsoalo’s salary during his tenure at the RAF have been a subject of public interest. Reports indicate that he was involved in a dispute concerning an alleged salary increase from R1.7 million to R5.9 million, which he denied, attributing the issue to systemic corruption within the organization.
His estimated net worth ranges between $200,000 and $500,000, primarily derived from his business ventures and professional engagements.
Controversies and Suspension
Letsoalo’s tenure at the RAF was marked by several controversies, notably the alleged R79 million office lease deal in Johannesburg. The Special Investigating Unit (SIU) initiated an inquiry into these matters. Subsequently, the RAF Board rescinded the special leave decision, replacing it with a formal suspension, citing insubordination after Letsoalo refused to attend a parliamentary meeting of the Standing Committee on Public Accounts (SCOPA).
Letsoalo has denied any wrongdoing, asserting that the allegations are part of a broader campaign to discredit him. He maintains that the lease agreement was approved by the board and that he acted within his authority.
Personal Life
Information about Letsoalo’s personal life is limited. He is married, but further details about his family are not publicly disclosed. He does not appear to have an active presence on social media platforms.
Conclusion
Collins Letsoalo’s career reflects a blend of public service and private sector experience, marked by significant achievements and notable controversies. While his contributions to South Africa’s financial and public sectors are acknowledged, the challenges faced during his tenure at the RAF have overshadowed his legacy. As investigations continue, the full extent of his impact on the organization remains to be seen.
FAQs
What is Collins Letsoalo’s educational background?
He holds a B.Com in Central Banking, an Advanced Diploma in Treasury Management, a Diploma in Trade Finance, and a Postgraduate Diploma in Management.
Where was Collins Letsoalo born?
He was born in Ga-Molepo, Limpopo Province, South Africa.
What role did Collins Letsoalo play at the South African Reserve Bank?
He held various positions, gaining extensive experience in monetary policy and financial regulation.
What was his position at the Department of Public Enterprises?
He worked on the restructuring of state-owned enterprises to enhance governance and financial management.
What was his involvement with the Department of Transport?
He served as the Deputy Director-General of Financial Services and was seconded to the RTMC to stabilize the organization.
What was his role at PRASA?
He was appointed as the Acting Group CEO to implement a turnaround strategy for the agency.
When did he become the CEO of the RAF?
He was appointed in August 2020.
Why was Collins Letsoalo suspended from the RAF?
He was suspended due to allegations of financial mismanagement and insubordination.
