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Through his business network established during his time in commercial broadcasting, Makamba met Andrew Young who served as America’s Ambassador to the UN (under President Jimmy Carter) and later as the mayor of Atlanta. Young introduced Makamba to Thurman Mackenzie one of the co-founders of M&M Products the makers Sta-Sof-Fro and Sofn'Free. Makamba was awarded the sole distribution rights for the Southern African Development Community (SADC) region by Thurman McKenzie. Makamba was then introduced to Tiny Rowland, then Chief Executive of Lonrho, a London-based conglomerate with diverse interests across Africa. Lonhro became his partners in the M&M Products distribution venture.

Before his family moved to the Chesa district, to Mount Darwin, Makamba attended the Mupfurudzi Primary School, along with Oliver ‘Tuku’ Mtukudzi, who became a globally renowned musician. After the move, Makamba attended the Kujuwara School near Mount Darwin and then one of his older brothers, Raphael, invited him to live with his family in Tomlinson Depot, Harare, where he finished his upper primary education. He then attended the Jesuit Mission School, in Bulawayo, for his secondary education where strict discipline, focus, and accountability were instilled. The Jesuit fathers suggested to Makamba that he study in Ireland to be a priest. Makamba considered the suggestion as young black Southern Rhodesians of the time had very few career options beyond teaching, nursing, and police work. A far bigger attraction, however, was the idea of international travel. Makamba, however, did not take up the opportunity to join the priesthood due to family obligations.

Makamba holds a master's degree in Business Administration from California Coast University. In 2012, James Makamba was awarded a controversial honorary doctorate in Business Leadership from St Linus University, Dominica

In February 2004, Makamba was arrested and charged with violation of Zimbabwe's Exchange Control Act. Makamba was subsequently arrested on two separate occasions. He was tried and acquitted on all three occasions in both the Magistrate's and High Court of Zimbabwe. Makamba was suspended from contesting in Zanu PF primary elections in 2018 after he engineered a smear campaign to undermine President of the Republic of Zimbabwe Emmerson Mnangagwa and his deputy Constantino Chiwenga in a leaked video. Politically Makamba is now accused from benefitting from politics of patronage, causing divisions in party and tarnishing the image of Zanu PF.

When most of the white broadcasters left Southern Rhodesia in the lead-up to the country's independence, Makamba set up and became managing director of a consortium of black entrepreneurs in order to buy out the largest of the country's advertising production houses and rebrand it as Media Associates. In 1997, one of his companies leased Zimbabwe Broadcasting Corporation’s (ZBC’s) second colour television channel, turning it into the country’s first independent television station, known as Joy TV. The station’s licence was revoked in 2002 due to licensing complications. According to officials, government-licensed broadcasters were prohibited from leasing their frequencies to independent broadcasters.

When General Solomon Tapfumaneyi Mujuru retired from his post-independence position as commander of the Zimbabwe National Army, he went into business and farming. He chose Makamba to be one of his partners in businesses in Shamva and Bindura where Makamba would be elected to the Bindura Council. Makamba was later elected to the position of Town Board Chairman (akin to a mayor). He was then elected ZANU-PF Provincial Chairman for Mashonaland Central Province and later Member of Parliament for Mount Darwin constituency in 1995. He was also one of the businessmen who travelled internationally with President Robert Mugabe to promote investment in Zimbabwe. He resigned from public life to pursue his career as a government relations consultant for Lonrho Plc.

Towards South Africa's Independence Makamba decided to set up a representative base in Sandton in Johannesburg, South Africa. In 1993, the Zimbabwean government awarded three cellular operator licenses. Makamba formed a consortium, made up of women's groups, miners and other indigenous and previously disadvantaged groupings, under the banner of the Empowerment Corporation Pvt Ltd. Through the Empowerment Corp he was able to partner with Telecel International, the first cellular services provider on the African continent. At inception in 1995, Makamba became chairman of both Telecel Zimbabwe as well as chairman of the consortium, Empowerment Corporation Pvt Ltd.

In the 1980s, one of South Africa’s oldest and largest financial services companies, Old Mutual, began an expansion drive in Europe, the United States, and Asia. Although it had opened an office in Southern Rhodesia in 1927, Old Mutual was not particularly active in the rest of sub-Saharan Africa. Makamba realised that the combination of Old Mutual’s new focus on expansion and its lack of penetration of the African market represented an enormous business opportunity. During the 1980s Makamba became a consultant, selling insurance and investment products to individuals and organisations on behalf of Old Mutual. Within a record eight months in 1980, he had generated one million American dollars’ worth of sales. According to research, most of the top insurance consultants globally reach the one million dollar target only in their 30 months in the business. As a consequence of his feat, Makamba qualified as a member of the Million Dollar Round Table (MDRT) Known as the premier association of financial professionals, the MDRT is an international, independent association of nearly 38,000 of the world's leading life insurance and financial services professionals from more than 450 companies in 79 countries. The MDRT requires its members to demonstrate exceptional professional knowledge, strict ethical conduct, and outstanding client service. MDRT membership is recognised internationally as the standard of sales excellence in the life insurance and financial services business Makamba was also consistently among Old Mutual's top 25 consultants.

James Makamba (born 1 January 1952) is a Zimbabwean commercial broadcaster, businessman, politician, philanthropist and father of Zimbabwean journalist Zororo Makamba who was killed by COVID-19. Makamba currently has interests in the retail, telecommunications, mining, agricultural, property and professional consultancy sectors, digital publishing and philanthropy. He sits on the boards of IBBAMO Foundation, JHL Investments, Thurlow & Company, the Kestrel Corporation (Pty) Ltd, African Business Connect, Makamba & Associates, Telecel Zimbabwe and Anglo African Minerals.