Pictured left to right: Inal Henry and Deputy Governor Fundi
On 1 October 2024, 100WF’s South Africa committee organized “Macro Economic Update with Nomfundo Tshazibana, Deputy Governor of the South African Reserve Bank”. The oversubscribed event was hosted by the Corporate Investment Banking (CIB) division of Standard Bank Ltd South Africa at its flagship Rosebank offices.
The aim of the event was to provide informative insights into the macro-economic environment in South Africa, raise the visibility of women in critical positions in finance, as well as provide networking opportunities for 100WF members and guests. The glamorous evening was emceed by Rentse Tembo of Standard Bank.
Marilyn Maki, Head Energy & Infrastructure Trade and Corporate Finance Solutions delivered the first speech of the evening outlining the significant strides the CIB Division has made in achieving Equity and Diversity. She also emphasized to the audience that it’s not about the numbers but women taking their rightful place in meaningful positions in the finance industry and closing the authority gap.
Janice Johnston, chair of 100WF’s South Africa committee spoke about the work of the organization in South Africa, its global vision and why it is relevant to South African women in the finance industry. She also noted that those outside South Africa could learn a lot about diversity and progress from South Africa. The organization has been active in South Africa for the past three years and continues to grow and actively advance its agenda.
Pictured left to right: Rentse Tembo, Marylin Maki, Janice Johnston
The fireside chat with Deputy Governor Fundi was moderated by Inal Henry, a 100WF South Africa committee member, who asked challenging and insightful questions on the decisions and thinking of the South African Reserve Bank (SARB) following its announcement on 19 September 2024 to cut interest rates for the first time since May 2023. As South Africa has experienced a 15-year Repo Rate high of 8.25%, many believe this cut is the start of the easing cycle. The Deputy Governor provided in depth insights into the role and mandate of the SARB and spoke about the balancing of interest rates vis-à-vis stimulating economic growth and in light of the SARB Target Framework. The Deputy Governor also commented that monetary policy must be supported by structural reforms and prudent fiscal policy to achieve a balanced approach to economic recovery. The Governor gave sneak previews into the decision-making process and roles played by the seven members of the Committee. An engaging speaker, and a subject matter expert, her insights were well received by the audience.
As a woman in the finance industry, the Deputy Governor reflected that corporate and industry culture is critical for women to advance and that organizations need to focus on this and create the right supportive environment for women to succeed.
Pictured left to right: Luvuyo Masinda, 100WF South Africa committee members with Deputy Governor Fundi
The CEO of the CIB Division Luvuyo Masinda gave the Vote of Thanks and anecdotally thanked the Deputy Governor for signing off on his position recently!
During the networking reception, attendees enjoyed a solo trumpet performance and had the opportunity to connect with each other over refreshments.
Thank you to Standard Bank CIB and all the speakers for an insightful and impactful event.
Article submitted by Inal Henry, South Africa committee member