SA appoints head of regional BRICS bank

Cape Town - National Treasury on Tuesday announced it has appointed the head of the BRICS New Development Bank for the African Regional Centre.

Monale Ratsoma, deputy director general of Treasury’s economic policy department, will lead the regional arm of the bank. His appointment is with effect from April 16, Treasury said in a statement. 

“Mr Ratsoma’s role will be managing the bank’s African regional operations and leading the bank’s African efforts in project preparation, project implementation and regional portfolio management,” Treasury said.

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Last year former president Jacob Zuma opened the African Regional Centre in Sandton. It is the development bank's first regional centre.

The bank is meant to provide resources to drive infrastructure development by accelerating investment in energy and transport. 

Treasury’s director general Dondo Mogajane has thrown Treasury’s support behind Ratsoma, saying Treasury will provide him with the “necessary support” to realise the bank's vision for South Africa and the continent. 

Ratsoma joined Treasury in 2011 as chief director of liability management. He was appointed deputy director general of economic policy in 2015.

Dr Duncan Pieterse will act as deputy director general of economic policy from April 16 until the position is filled. Pieterse is the chief director of microeconomic policy at Treasury.