Economist and former Treasury’s senior manager, Monale Ratsoma, has been appointed vice-president and chief financial officer (CFO) of the New Development Bank (NDB).
In a statement on Monday, Finance Minister Enoch Godongwana confirmed Ratsoma’s appointment. He has taken over the Brics-owned lender’s financial responsibilities.
Brics member states comprise Brazil, Russia, India, China, and South Africa.
“The Minister of Finance, Mr Enoch Godongwana, is pleased to announce the appointment of Mr Monale Ratsoma as the vice-president and chief financial officer of the New Development Bank,” reads the statement.
Godongwana stated that the appointment comes after a thorough nomination process by the Treasury. This was followed a rigorous interview process conducted by the NDB.
This culminated in the bank recommending Ratsoma for the position and the NDB’s board of governors granting its approval via ballot on July 5.
Deepening relations with the NDB
“The appointment marks an important milestone in South Africa’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.”
Ratsoma assumed his responsibilities at the Shanghai-based lender on Monday, succeeding Leslie Maasdorp. Maasdorp was the lender’s vice-president and CFO between 2015 and 2024.
Reads the statement: “Mr Ratsoma brings with him a wealth of experience in development finance, investment, and international capital markets.
“He is set to further South Africa’s extensive efforts to facilitate access to concessional and competitive funding.”
Ratsoma was previously the director-general of the NDB Africa Regional Centre, as well as holding senior positions at the Treasury.
These included a deputy director-general for economic policy and an acting deputy director-general of international and regional economic policy.
Dedicated servant of the country
Godongwana said he was confident in Ratsoma’s ability to navigate the challenging role. This is given the pressing need for tailored finance to fund the developing world’s response to climate change and underdevelopment. He takes over against the background of an increasingly fractured global order and a slowing recovery in global economic growth.
“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,” said Godongwana.
“He is an accomplished and dedicated servant of the country and the continent, and we are proud that he will now lend his skills to the New Development Bank.”
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