Brics bank appoints Monale Ratsoma as vice-president and CFO
Ratsoma replaces Leslie Maasdorp
09 July 2024 - 15:50
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The New Development Bank (NDB), founded by Brics members, has appointed former Treasury official Monale Ratsoma as its CFO and vice-president.
Ratsoma replaces another South African, Leslie Maasdorp, who was in the position for nine years from 2015.
“Ratsoma is responsible for the treasury, portfolio management, finance and accounting functions of the NDB," the Bank said in a statement.
The Shanghai-headquartered bank was formed to provide emerging-market economies with their own multilateral financial institution.
It was founded in 2015 by Brazil, Russia, India, China and SA, which each contributed $2bn to the bank’s equity capital and each own a 20% stake. In 2021, the NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.
At its Ninth Annual Meeting of the Board of Governors scheduled to be held in SA later in 2024, the bank is expected to consider expanding membership to include other countries from the global south.
“The appointment marks an important milestone in SA’s goal to deepen the NDB’s relationship with the country, as well as with fellow Brics members and other emerging and global South countries,” finance minister Enoch Godogwana said in a statement.
“I have full faith in Mr 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,” Godongwana said.
Ratsoma has previously served in various capacities at the Treasury including deputy director-general for economic policy and as acting DDG of international and regional economic policy.
From 2018-2024, he was appointed as the director-general of the NDB’s Africa Regional Centre (ARC), overseeing ARC’s operations, including project origination, preparation and implementation efforts for the NDB’s African regional portfolio.
In the private sector, Ratsoma previously held roles as as chief economist and acting CEO at Thebe Stockbroking and he was a Macro Strategist at Absa Capital. He also worked in the capital markets divisions at Standard Bank and Calyon Corporate and Investment Bank.
“Ratsoma brings with him a wealth of experience in development finance, investment and international capital markets. He is set to further SA’s extensive efforts to facilitate access to concessional and competitive funding," Godogwana said.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Brics bank appoints Monale Ratsoma as vice-president and CFO
Ratsoma replaces Leslie Maasdorp
The New Development Bank (NDB), founded by Brics members, has appointed former Treasury official Monale Ratsoma as its CFO and vice-president.
Ratsoma replaces another South African, Leslie Maasdorp, who was in the position for nine years from 2015.
“Ratsoma is responsible for the treasury, portfolio management, finance and accounting functions of the NDB," the Bank said in a statement.
The Shanghai-headquartered bank was formed to provide emerging-market economies with their own multilateral financial institution.
It was founded in 2015 by Brazil, Russia, India, China and SA, which each contributed $2bn to the bank’s equity capital and each own a 20% stake. In 2021, the NDB initiated membership expansion and admitted Bangladesh, Egypt, United Arab Emirates and Uruguay as its new member countries.
At its Ninth Annual Meeting of the Board of Governors scheduled to be held in SA later in 2024, the bank is expected to consider expanding membership to include other countries from the global south.
“The appointment marks an important milestone in SA’s goal to deepen the NDB’s relationship with the country, as well as with fellow Brics members and other emerging and global South countries,” finance minister Enoch Godogwana said in a statement.
“I have full faith in Mr 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,” Godongwana said.
Ratsoma has previously served in various capacities at the Treasury including deputy director-general for economic policy and as acting DDG of international and regional economic policy.
From 2018-2024, he was appointed as the director-general of the NDB’s Africa Regional Centre (ARC), overseeing ARC’s operations, including project origination, preparation and implementation efforts for the NDB’s African regional portfolio.
In the private sector, Ratsoma previously held roles as as chief economist and acting CEO at Thebe Stockbroking and he was a Macro Strategist at Absa Capital. He also worked in the capital markets divisions at Standard Bank and Calyon Corporate and Investment Bank.
“Ratsoma brings with him a wealth of experience in development finance, investment and international capital markets. He is set to further SA’s extensive efforts to facilitate access to concessional and competitive funding," Godogwana said.
maekot@businesslive.co.za
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