MEDIA RELEASE – Launch: Operation Phumelela

POSTED ON: November 28, 2024 IN Press

A group of senior leaders in the South African financial services industry has formed The South African Financial Sector Competitiveness Taskforce, known as Operation Phumelela, to improve the capital markets’ ability to grow the economy, create jobs and increase services exports. The Taskforce will develop research and mobilise resources to improve onshore capacity and engage government regarding regulatory development.

Operation Phumelela will develop proposals to strengthen the position of South African capital markets as a financial hub for the region. The initiatives will focus on improving efficiencies, reducing frictions and enabling financial institutions and associated service providers in the country to better manage investment and capital formation on behalf of domestic, regional and global investors and issuers. Operation Phumelela will crowd in skills and build capacity that will be positive for the wider South African economy.

The initiative will aim to establish South Africa as a leading financial hub and expand the country’s market share in financial services regionally and across the world. It will work to improve the competitiveness of South Africa as an attractive capital raising and investment destination, both on public and private markets. The outcomes will support the South African ecosystem, from fund managers to law firms, to manage and support investors from across the world who are active in the region, as well as facilitate regional manufacturing, mining and agricultural exports.

Operation Phumelela is being led by an inaugural steering committee of leaders from across the financial ecosystem. The taskforce is chaired by Dr Leila Fourie, CEO of the Johannesburg Stock Exchange. Other members are:

  • Ezra Davids (Chairman, Bowmans) 
  • Jannie Durand (CEO, Remgro)
  • Johan Holtzhausen (Chairman, PSG Capital)
  • Michael Katz (Chairman, ENS)
  • Daniel Mminele (Chairman, Nedbank)
  • Vuyo Ntoi (Chairman of SAVCA, Managing Director, Africa Impact Investment Managers)
  • Iain Williamson (CEO, Old Mutual)

The taskforce has taken inspiration from similar initiatives globally, including the United Kingdom’s Capital Markets Industry Taskforce, set up to improve the competitiveness of the City of London.

The taskforce is being supported by research and consulting firm Krutham, whose chairman Dr Stuart Theobald is acting as convenor. The taskforce has set up workstreams with experts from across the financial sector to work on specific deliverables, including proposals for industry development and regulation that will improve competitiveness.

The taskforce will support regulatory change, in line with existing policy that has been previously announced, to enable improvements to the functioning of the South African financial sector. National Treasury has welcomed the formation of the taskforce, and it has held several engagements with Treasury to build a working relationship that will support the realisation of a shared ambition of a more competitive financial sector that supports growth and job creation.

National Treasury Deputy Director-General Christopher Axelson welcomed the Taskforce, saying: “The financial sector is both a key catalytic sector which enables broader economic activity as well as a significant sector in and of itself. Improving its competitiveness and effectiveness is an important and long-standing policy objective. We welcome this initiative which will create a sounding board for government-initiated reforms in capital markets as well as provide a mechanism for the sector to engage National Treasury as we seek to drive efficiencies to deliver sustainable economic growth.”

“The Taskforce will be focused on specific interventions that can move the dial on competitiveness,” says Dr Leila Fourie. “This is about getting things done, and we want to quickly develop well-researched proposals for clear steps that will make a real difference in the ability of the entire ecosystem to better service the region. We want to deliver on the opportunity that we have all long recognised: to create jobs and grow the economy by using our strong financial sector to service investors from across the world in their engagements across Africa. Operation Phumelela outcomes will create many opportunities. There is no reason why South Africa can’t become the leading emerging markets hub for sustainable finance, for example, and the taskforce will lay the groundwork for that to become possible.”

For more information or to arrange interviews, please contact:

  • For Dr Leila Fourie, Pheliswa Mayekiso, email pheliswam@jse.co.za or mobile +27 84 486 0502.
  • For Dr Stuart Theobald, Jennifer Kann, email jkann@krutham.com or mobile +27 83 455 3289
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