Finance Minister Enoch Godongwana yesterday announced Monale Ratsoma as the new vice-president and chief financial officer (CFO) of the New Development Bank (NDB).
Ratsoma assumes his responsibilities at the Shanghai-based lender today, succeeding Leslie Maasdorp as vice-president and CFO between 2015 and 2024.
“The appointment of Ratsoma follows a thorough nomination process by the National Treasury and an equally rigorous interview process conducted by the NDB, culminating in the Bank recommending Ratsoma for the position, and the NDB’s board of Governors granting its approval via ballot on July 5,” Treasury said in a statement.
The appointment marked an important milestone in South Africa’s goal to deepen the NDB’s relationship with the country, as well as fellow BRICS members and other emerging and Global South countries, it said.
Ratsoma has a wealth of experience in development finance, investment and international capital markets. He was set to further South Africa’s extensive efforts to facilitate access to concessional and competitive funding, Treasury said.
Previously, Ratsoma served as director-general of the NDB Africa Regional Centre since 2018, as well as holding senior positions at the National Treasury: deputy director-general (DDG) for economic policy, and as acting DDG of international and regional economic policy.
Godongwana congratulated Ratsoma on his appointment and expressed confidence in his ability to navigate the challenging role, given the pressing need for tailored finance to fund the developing world’s response to climate change and under development, against the background of an increasingly fractured global order and a slowing recovery in global economic growth.
“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,” said Godongwana.
Godongwana reiterated his gratitude to Maasdorp for his nine years of service at the NDB.
BUSINESS REPORT