Simon Nare
South Africa’s revered development financier Monale Ratsoma has been appointed as Brics’ New Development Bank Vice-President and Chief Financial Officer.
Finance Minister Enoch Godongwana announced Ratsoma’s appointment on Monday and said he will be taking up his position at the bank’s headquarters in the Chinese City of Shanghai starting on Monday.
Ratsoma has since April 2008, been serving as the bank’s African Regional Office until his recent promotion where he will be responsible for the treasury, portfolio management, finance and accounting functions of the bank.
The NDB is a multilateral institution established by the bloc members Brazil, Russia, India, China and South Africa to prioritise the financing of infrastructure and development projects of member countries as well as other emerging economies and developing countries.
Godongwana said he was pleased with the appointment of Ratsoma who he said was picked ahead of a pack after a rigorous interview process following his nomination by the department and being recommended by 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 fellow BRICS members and other emerging and Global South countries.
“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,” said the minister in a statement.
Godongwana congratulated Ratsoma saying he had confidence in South Africa’s ability to navigate the challenging role to fund the developing countries’ response to climate change and underdevelopment against the background of an increasingly fractured global order and slowing recovery in global economic growth.
“I have full faith in Me Ratsoma’s ability to rise to the occasion in his new role and continue to champion the NDB’s mission to mobilize resources for faster, more broad-based and sustained economic growth. 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,” Godonwagna said.
Before joining the NDB at its regional offices in the continent, Ratsoma was with the National Treasury for seven years where he held several positions during that period. These included head of economic policy and acting head of international and regional policy.
INSIDE POLITICS
