From geopolitical tensions and rising costs to the war for talent and the growing influence of AI, finance leaders gathered in Durban to unpack the challenges reshaping the CFO agenda. The discussion revealed how today’s CFO is increasingly expected to be a strategist, people leader and business partner, rather than simply the custodian of the numbers.
Against the backdrop of the Indian Ocean at Signature Restaurant in Umhlanga, Durban, South Africa’s finance leaders gathered for an exclusive CFO South Africa roundtable to discuss one of the defining issues facing business today: when global politics meets the balance sheet. The conversation explored how geopolitical uncertainty, talent shortages, technological disruption and shifting leadership expectations are transforming both the work of CFOs and the future of the finance profession.
Under the theme When global politics meets the balance sheet, the discussion explored how shifting trade alliances, volatile exchange rates, rising interest rates, supply chain disruption and ongoing policy uncertainty are forcing CFOs to rethink investment decisions, business strategy and long-term planning.
One finance leader said forecasting and capital allocation had become significantly more difficult in the current environment.
“We’ve had to pull back on some of our assets and temper our growth forecasts because of the dynamics within healthcare in South Africa, as well as the impact of exchange rates and higher interest rates. Cost of sales is particularly challenging because we are largely price takers when it comes to medication and pharmaceutical pricing. We’ve therefore had to become more innovative in other parts of the income statement, while investing in technology to reduce the cost and time of doing business.”
The executive added that geopolitical shocks continue to make planning increasingly unpredictable. “These are not challenges that can be solved in a short period of time. We started the year strongly after a record year, but unexpected global events quickly changed the outlook.”
The growing war for talent
While economic uncertainty dominated part of the discussion, CFOs agreed that attracting and retaining skilled professionals has become just as significant a challenge.
One executive highlighted the severe shortage of healthcare professionals. “The talent pool is becoming increasingly competitive. Nursing shortages are a global issue and we’re seeing many professionals leave South Africa for opportunities abroad. At the same time, we’re competing for scarce financial and pharmacy skills, making it increasingly difficult to build sustainable teams.”
Another CFO noted that the competition for finance professionals begins well before graduates enter the workforce. “We’re seeing audit firms signing students years before they even begin their articles. Finding experienced finance professionals, particularly financial managers, has become extremely difficult, and many organisations now expect candidates to hold chartered accountant qualifications.”
The discussion then turned to whether young people still view finance as an attractive career.
One CFO observed that today’s graduates have significantly more career options than previous generations. “Data science and other emerging professions are attracting many of the same high-performing mathematics and science students who would traditionally have pursued chartered accountancy. Organisations are now competing for exactly the same talent pool.”
Another participant said public perception is also affecting the profession. “There is a growing narrative that accounting isn’t particularly exciting and that artificial intelligence will eventually replace many finance roles. Whether that’s true or not, it influences how young people perceive the profession.”
Another finance leader added that recurring corporate scandals have also damaged the profession’s reputation. “Every time there’s a major corporate scandal, accountants often receive much of the blame. That certainly doesn’t help make the profession more attractive.”
The CFO role has fundamentally changed
Despite concerns about attracting future finance professionals, the executives agreed that the reality of the CFO role has evolved dramatically.
One participant said finance leaders now spend far less time focusing solely on financial reporting. “I don’t actually do finance half the time anymore. Much of my role revolves around strategy, solving complex business problems and helping the organisation navigate uncertainty. Unfortunately, that isn’t how the public sees CFOs. Many people still imagine someone sitting behind a desk simply counting numbers.”
Drawing on her experience across sectors, another CFO said the position has become significantly broader than financial management alone. “I completed my MBA because I realised the CFO role, particularly in the public sector, extends far beyond finance. It encompasses risk management, technology, leadership and organisational strategy. Financial reporting is handled by capable finance teams, while the CFO increasingly focuses on enabling the broader organisation to succeed.”
Creating impact beyond the balance sheet
As the discussion drew to a close, participants reflected on what motivates them beyond delivering financial results.
One CFO said creating lasting impact had become the defining purpose of modern finance leadership. “I want to make a difference. The greatest value I’ve found over the past few years has come from spending less time behind spreadsheets and more time developing people. Helping others grow and preparing future leaders is one of the most important responsibilities we have.”
Another executive echoed the sentiment, saying leadership should be measured by the legacy left behind. “My goal is to build people who are better than I am. As leaders, we have knowledge and experience that should be shared. When we eventually leave our organisations, those around us should be fully equipped to continue building on what we’ve started.”
Other participants argued that CFOs must also become enablers of business performance rather than gatekeepers. “The CFO has an important role in creating an environment where strategy can thrive. Finance should enable operations and support business growth, rather than being viewed as the function that creates bottlenecks and unnecessary red tape.”
The conversation concluded with a reminder that finance leaders must continue investing in themselves as much as they invest in their organisations. “We have to keep developing our skills, embrace technologies such as AI and prioritise our own wellbeing. Finance leadership is demanding, and maintaining both physical and mental health is essential if we want to lead effectively. Perhaps it’s no longer about work-life balance, but work-life integration, being fully present with family when you’re home, and fully focused when the job requires it.”
The discussion ultimately highlighted how the modern CFO has evolved into far more than the organisation’s financial steward. Today’s finance leaders are expected to navigate geopolitical uncertainty, develop talent, embrace technology, shape organisational strategy and build lasting legacies that extend well beyond the balance sheet.
Those in attendance were:
- Akesh Bansee – CFO, Unilever Southern Africa
- Amanda Zuma – CFO, Ithala
- Dhesan Chetty – group finance director, Beier Envirotec
- Lana Meyer – CFO, KZN Growth Fund
- Nonhlanhla Thanjekwayo – CFO, KZN Tourism and Film Authority
- Sean Capazorio – group CFO, Aspen Pharmacare
- Sebastian Mahadeo – CFO, Terra Analytics
- Sinenhlanhla Mncwango – senior writer, CFO South Africa
- Thekiso Anthony Lefifi – community manager, CFO South Africa
- Vijay Misra – CFO, Joint Medical Holdings
