Jersey Finance Directors – Dr Rufaro Nyakatawa and Faizal Bhana – each recently published thought leadership articles on governance concerning Africa’s financial services sector – a key market for finance firms in Jersey.
Rufaro, based in Johannesburg, writes about the importance of sustainability and governance to South Africa’s economic future. In her thought leadership article, she references the Financial Action Task Force’s (FATF) review, which effectively placed South Africa on its ‘greylist’ in February this year, which influenced the South Africa Revenue Services (SARS) decision to introduce stringent regulations increasing disclosures of worldwide assets; tightening reporting standards for those emigrating financially or wanting to use the RND10 million annual investment allowance. She also comments on sustainability in the context of changing attitudes in the asset management space, the impact of the natural environment on Africa’s economic prosperity, and offers a viewpoint on how funds and capital markets sectors could work together to develop regulations and metrics that will govern Africa’s financial landscape.
In Faizal Bhana’s article, he shares his views and some revealing insights from leading firms on the importance of integrating the next generation, or NextGen, into the family business. Using examples from East and West Africa, Faizal illustrates the considerable contribution family businesses make towards the economic prosperity of the African continent, highlighting that this is likely to be the case in the long-term future too.