The statue was completed on Thursday and shows Penny Penny with his hands stretched out to welcome residents of the town.
The solid concrete statue was crafted and painted to capture Penny Penny's unique personality and fashion sense, and is painted in gold.
Speaking to TshisaLIVE Penny Penny said he built the statue to honour himself.
"It is my legacy. I decided to build it now because I don't want them to build me one when I am dead and I'm not able to see it. They must honour me while I am still alive," he said.
The statue sits alongside several other statues of animals and is a big hit with the community. "Everyone is so happy. They love it. My family likes it and the community are so excited they are speechless," he said.
Penny Penny would be drawn into revealing how much he forked out for the 2.5 metre statue. Instead he said it was an investment that was "worth it".