Money won’t solve it all - Motsepe

Billionaire businessman Patrice Motsepe says money alone cannot solve SA's problems.

South African billionaire Patrice Motsepe has announced that he will donate half the revenue generated by his assets to his foundation.

JOHANNESBURG - Money alone cannot solve South Africa's problems, African Rainbow Minerals (ARM) chairperson Patrice Motsepe said on Wednesday.

Earlier, the billionaire businessman announced he will give half of the revenue generated by his family's assets to the Motsepe Foundation.

The money will be distributed to address various issues including health, education, unemployment and the upliftment of women.

But Motsepe said the most effective way to deal with joblessness and poverty is to create a business environment that is globally competitive and attractive to the private sector.

"We don't want Africa to forever be a continent of charity - a continent of donations. We want Africa to be self-sustaining."

The businessman said the donation will contribute towards making South Africa a better place.

"People in my position have a huge responsibility to South Africans who are less fortunate."

Motsepe will consult with church and traditional leaders, as well as various charities, to decide where the money goes.

Speaking via a live video link shortly after the announcement, United States billionaire and philanthropist Bill Gates praised the act.