South African Technical Vocational Education and Training (TVET) colleges are important institutions for equipping youth with new skills that will support the country's economic growth. College councils are responsible for providing strategic direction, formulating policies, and overseeing the colleges’ programmes and activities. However, despite legal requirements, their effectiveness is limited due to governance issues such as restricted authority, poor administration, and lack of stakeholder participation. This study emphasizes the need for strategic reforms to unlock the full potential of TVET colleges as agents of socio-economic transformation in South Africa. Using a qualitative, ethnographic methodology, the research assesses the governance structure of TVET colleges within a multilevel governance framework, focusing on authority, implementation challenges, and accountability systems of college councils. Comparative analysis with global models from the UK, Germany, and Australia highlights best practices in stakeholder engagement, governance professionalization, and industry participation. The findings reveal that South African college councils often function as symbolic entities without real power, hindering accountability and strategic responsiveness. The TVET College's Governors' Council and industry collaborations are notable examples of governance bodies that promote ethical leadership and financial integrity. Recommendations include strengthening legislation to empower college councils, increasing industry involvement and transparency, and developing industry-specific codes of good governance. These measures aim to align TVET colleges with national skills priorities, improve educational outcomes, and support sustainable economic growth.