New Development Bank Appoints Former South African Treasury Official As CFO and Vice President

Picture courtesy: (New Development Bank twitter account) BRICS’ New Development Bank has appoints Monale Ratsoma as its new CFO and Vice President.

(The Post News)- Monale Ratsoma, a former South African Treasury executive, was named the National Development Bank’s (NDB) Chief Financial Officer and Vice President.

He began his official duties on July 8, 2024. The NDB was established by the BRICS member nations.

Approved by the NDB Board of Governors on July 5, this strategic appointment is a step forward in South Africa’s continuing efforts to strengthen its relationship with the financial institution and other developing nations.

Ratsoma replaces Leslie Maasdorp, a fellow South African who served in that capacity for nine years from the establishment of the bank in 2015.

Ratsoma’s new position will put him in charge of the NDB’s finance, accounting, and treasury portfolio management operations.

Ratsoma’s broad experience in development finance, investments, and international capital markets was cited by South African Finance Minister Enoch Godongwana as evidence of his confidence in his talents.

“I have full faith in Ratsoma’s ability to rise to the occasion in his new role and continue to champion the NDB’s mission to mobilise resources for faster, more broad-based and sustained economic growth,” Gondongwana declared.

Ratsoma oversaw the creation and execution of projects for the bank’s African portfolio while serving as director general of the NDB Africa regional centre from 2018 to 2014.

Senior roles at the South African National Treasury, such as acting DDG of international and regional economic policy and deputy director general for economic policy, are part of his history.

In the private sector, Ratsoma worked as a macro strategist at Absa Capital and as chief economist and interim CEO at Thebe Stockbroking.

Brazil, Russia, India, China, and South Africa created the NDB, which has its headquarters in Shanghai.

Each of these countries contributed $2 billion to the organisation’s equity capital and holds a 20% ownership.

The United Arab Emirates, Uruguay, Bangladesh, Egypt, and the United Arab Emirates have all joined the bank in 2021.

At the bank’s ninth annual meeting of the Board of Governors, which is set to take place in South Africa later in 2024, additional expansion is anticipated to be discussed.

This nomination comes at a critical moment for the NDB, which intends to deliver customised funding in the face of a broken international order and slowed global economic growth for developing countries in response to climate change and underdevelopment.

It is anticipated that Ratsoma’s experience will help South Africa in its endeavours to make finance more competitive and concessional.

The NDB was established as a substitute for conventional Western-dominated organisations by giving developing market economies access to their multilateral funding organisation.

The nomination of Ratsoma highlights the bank’s dedication to using member nations’ expertise to promote economic growth and development in the global South.