Leader, icon, friend and visionary

Of all the leaders I have met in the course of my life, none has made a deeper impression on me than Nelson Mandela. His courage, compassion, humility and wisdom were without parallel on the world stage, and he was an enduring source of inspiration. While he is rightly revered as a hero in the struggle for racial freedom, he also deserves recognition as a champion of economic freedom who set his country and continent on the path to growth.

Mandela understood that social transformation and economic transformation go hand in hand. As he explained to World Economic Forum participants at Davos in 1999: "We should lay the scourge of racism to rest. This requires strong democratic institutions and a culture of compassion. None of this is possible without a strong economy."

In 1990, when he emerged from 27 years of imprisonment, South Africa's economy was not in a position of strength. The toxic taint of a racist regime had led to international sanctions, curbing trade and investment. Rigid foreign exchange controls, uncompetitive industries and the total marginalization of the black workforce hampered the country's ability to enter a new and more equitable era. The continent as a whole was struggling to find its footing and, at the time, the average African was getting poorer.