Macozoma was born in Port Elizabeth on 12 May 1957. He studied political science, economics and journalism at the University of South Africa (Unisa) and at Boston University in the USA. He holds a BA degree from Unisa.
After spending five years in prison alongside Nelson Mandela on Robben Island for anti-apartheid activities he joined the South African Council of Churches. He also worked for the African National Congress (ANC) and South African Breweries. He became an ANC Member of Parliament in 1994 but left the legislature in 1996 to become managing director of Transnet Limited, South Africa's largest parastatal, that controls South Africa's rail network and harbours. During this time he was also chairman of South African Airways.
Macozoma is one of a small group of former ANC politicians who left politics and rapidly became successful in the business world.
He is chairman of Tshipi é Ntle Manganese Mining (Pty) Limited, Safika Holdings Limited - a preferred Black Empowerment Partner, and Ntsimbintle Mining BEE. Ntsimbintle Mining BEE, owned by a number of Black Economic Empowerment groups and Safika Resources Limited a 100% owned subsidiary of Safika Holdings Limited, have a 74% interest in Ntsimbintle Newco Mining that in turn own a 50.1% interest in Tshipi é Ntle Manganese Mining (Pty) Limited. OM Holdings Limited, a Singapore based Australian Stock Exchange quoted company, own a 26% interest in Ntsimbintle Newco Mining. Jupiter Mining, a public unquoted Australian company, own 49.9% of Tshipi é Ntle Manganese Mining (Pty) Ltd. The Pallinghurst co-investors, composed of POSCO, AMCI, Energy and Minerals Group, Pallinghurst Resources and Investec own 86.8% of Jupiter Mines Limited . Tshipi é Ntle has put itself up for sale and have reportedly attracted at least 10 bids. The company had not announced the outcome as of 09/07/2017. If a bid is not accepted the company has advanced plans for an IPO in South Africa, on the Johannesburg Stock Exchange JSE Limited. Jupiter Kalahari (Mauritius) Limited, 100% owned subsidiary of Jupiter Mining Limited, exited a joint venture agreement with OM Tshipi(s)PTE on 11th April 2017. The venture marketed all Manganese ore produced at the Tshipi Borwa Mine. OM Tshipi(s)PTE will continue to market Manganese ore from Tshipi Borwa mine.
Macozoma is Deputy Chairman of Volkswagen South Africa, Chairman of Credit Suisse Standard Security, Lliso Consulting and Deputy Chairman of Standard Bank Investment Corporation. From 2007 to December 2013, Macozoma was chairman of Liberty Holdings. He resigned to concentrate on his Safika business interests. Before joining Standard Bank he was chief executive of New Africa Investments Limited (Nail), a publicly listed investment company with a broad portfolio that included radio stations, outdoor media and the Hertz car rental company.
Macozoma is well known for his work in civil society and is chairman of the Council of Higher Education and vice-chairman of the University of Witwatersrand and chairman of the council. He is a member of the Board of Governors of Rhodes University and chairman of the Kwazulu–Natal Philharmonic Orchestra.
Mr. Macozoma has also served as president of Business Leadership South Africa. He is chairman of the President's Big Business Working Group and formerly co-chairman of the Business Trust.
He was a member of the National Executive Committee of the African National Congress from 1991 to 2008.