Corporate and investment banking firm Rand Merchant Bank (RMB) has appointed Isaah Mhlanga as its chief economist, with effect from July 1.

Mhlanga, who will succeed outgoing RMB chief economist Ettienne le Roux, has joined RMB as its Markets Research head from February 1. Le Roux and Mhlanga will work together during the period to July 1 to ensure a smooth handover.

Le Roux will join financial services firm FirstRand Treasury on July 1, RMB said.

Prior to joining RMB, Mhlanga was financial services company Alexander Forbes executive chief economist.

“Many of the economies that our clients operate in are experiencing challenging times. It is, therefore, key for us to have a top economist like Isaah as part of the team to offer our clients valuable insights to inform their strategies,” RMB CEO Emrie Brown says.

Further, Mhlanga said his focus will be to reposition RMB’s Markets Research team as an integral value-add to the bank’s institutional and corporate clients in South Africa, Africa, India, the UK, and the US.

“Expected recessions in major economies and trading partners present a challenging backdrop for South Africa’s economic prospects, which have already been dimmed by economic policy inertia, persistent loadshedding and high unemployment and poverty levels,” Mhlanga says.

Rising global interest rates present fiscal and balance of payments funding challenges for some of RMB’s markets on the broader African continent, he adds.

Further, climate change also continues to have an ever-rising and disruptive impact on human settlements, coastal infrastructure and prices, all of which will need enhanced efforts to understand how they will impact clients’ businesses over the long term.

“RMB Markets Research’s efforts will continue to bring insights that assist our clients navigate the highly uncertain times we are currently witnessing while highlighting opportunities presented to grow their business,” Mhlanga emphasises.

Meanwhile, Mhlanga has more than a decade of industry experience, spanning both the public and private sectors. He started his professional career as an economist at the global body International Monetary Fund’s regional office in Tshwane and then moved to the National Treasury’s economic policy unit.

Mhlanga's private sector experience spans roles as an economist at financial services firm Absa and RMB, where he was responsible for macroeconomic strategy and forecasting, before he joined Alexander Forbes as executive chief economist.

He has also lectured undergraduate economics and econometrics at the University of Johannesburg. He is a trustee of Study Trust and a non-executive board member of Kutlwanong, which are nonprofit organisations specialising in the education sector.

Mhlanga holds an M Com in Financial Economics from the University of Johannesburg, is a Fellow of the Economic Research Southern Africa and a columnist for the Business Day and Sunday Times, where he writes on fiscal policy, monetary policy, financial markets and investments. He was named Economist of the year for 2019 by the Association of Black Securities and Investment Professionals.