Charles Muchoki | Africa Guardian
Dr. Leila Fourie has been at the helm of the Johannesburg Stock Exchange (JSE) for five years, steering Africa’s largest stock market through challenging times. Appointed CEO on October 1, 2019, Fourie brings nearly 30 years of experience to her role, overseeing a market with an all-share capitalization close to R20 trillion.
A Trailblazing Career
Before taking on the JSE’s top job, Fourie built an impressive résumé. She served as an executive at the Commonwealth Bank of Australia, leading the Consumer Finance division, and was CEO of the Australian Payments Network. She also held leadership positions at Standard Bank, including Global Director of Credit Analytics and Managing Director of the card division, overseeing operations across regions like South Africa, the UK, Hong Kong, and Brazil.
Her career began at Accenture/Andersen Consulting, where she worked as a Senior Manager. She also holds a PhD in Economic and Financial Sciences and is a graduate of the Australian Institute of Company Directors (GAICD).
Beyond her corporate achievements, Fourie has served on several boards, including the NSW Economic Society of Australia, Lifeline Australia’s Board Audit Committee, and the United Nations Global Compact, advocating for sustainable and socially responsible business practices.
Navigating Challenges
Fourie assumed leadership during a turbulent time for South Africa’s economy, compounded by the COVID-19 pandemic and sluggish economic growth. The JSE has faced declining listings over the past two decades, with more companies delisting than joining the market.
Despite this, 2024 saw a handful of notable listings, such as WeBuyCars, Rainbow Chicken, and Boxer. However, major players like Sasfin and Barloworld have opted to delist.
Recent optimism surrounding South Africa’s economic prospects—spurred by a business-friendly Government of National Unity, easing inflation, and improved interest rate forecasts—offers hope for recovery.
Driving Competitiveness
As Chair of the South African Financial Sector Competitiveness Taskforce, Fourie is working to enhance the country’s capital markets. Dubbed Operation Phumelela, the initiative aims to simplify foreign-currency transactions on South Africa’s stock and bond exchanges, with the goal of boosting investment, job creation, and export growth.
“We are at an inflection point,” Fourie noted. “South Africa’s improved international rating presents an opportunity to grow and solidify our role as a gateway to Africa.”
The task force plans to collaborate with the National Treasury and regulatory bodies to implement capital market reforms, addressing exchange control challenges and currency volatility that have historically deterred investors.
Future Opportunities
Looking ahead, the JSE is preparing for potential high-profile listings, including Coca-Cola Beverages Africa and Fidelity ADT. The exchange has also signed a Memorandum of Understanding with Saudi Arabia’s Tadawul Group to explore dual listings, strengthening ties between the two markets.
With her extensive experience and strategic vision, Fourie is poised to guide the JSE toward renewed growth, cementing its position as a leading financial hub on the African continent.
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