Remember the Standard Bank story I posted last month?
550K views. Outrage. Silence. News cycle moves on. My money stays gone.
I stopped waiting for justice and built the infrastructure instead.
Meet Bank Watch SA https://t.co/iX65W1pOvR
👇
There’s a narrative in South Africa that CA(SA) CEOs kill companies.
At face value, I believed it too. I’ve seen businesses lose energy, stop investing, and drift into cost-cutting cycles.
Then I looked deeper.
When growth disappears, leadership shifts from expansion to protection. Boards stop asking “how do we grow?” and start asking “how do we survive?”
That’s when they bring in a Chartered Accountant (CA).
Not because CAs kill companies, but because they are trained to control risk, preserve capital, and manage downside.
So what looks like the CEO “destroying” the business is often the business already in decline.
The CA didn’t cause the stagnation.
The stagnation selected the CA.
You see this clearly in the media space.
Traditional broadcasters and publishers lost growth as audiences fragmented and advertising shifted. Instead of building new models fast enough, many moved into protection mode.
Budgets get cut.
Teams shrink.
Content risk reduces.
Innovation slows.
From the outside, it looks like leadership failure.
From the inside, it’s survival strategy.
The real problem is what happens next.
If a company stays in defensive mode too long, it loses its ability to create value. Cost-cutting becomes the strategy instead of a tool.
That’s when the soul disappears.
So the question isn’t:
“Are CA CEOs bad?”
It’s:
“Is this company being run to survive, or to grow?”
Because those are two very different playbooks.
Serious industrial nations don’t take accountants as seriously as South Africa does.
In industrialising nations, like Vietnam and surrounding states, for instance, the most prestigious roles are found in engineering or industrial management because the economy is physically building things.
Meanwhile, in South Africa, SAICA’s CA(SA) is viewed as the ultimate golden ticket.
But it’s not only in developing/industrialising nations where accountants take a back seat. In the US, Germany and Japan, CEOs are generally product people or engineers, while in South Africa, a massive percentage of JSE-listed CEOs are chartered accountants.
The reason for this is that the South African economy has been deindustrialising for decades, so the existing companies don’t grow by inventing new things or expanding production. They “grow” through the financial engineering of mergers, acquisitions, cost-cutting, and “tax optimisation”.
The consequence of this is that if you compare SA to an employment-dense industrialiser like Vietnam, you find that the latter focuses on vocational excellence. Over there, an accountant is just a back-office functionary who supports the factory. The hero is the plant manager who meets a production quota.
But South Africa, to its detriment, is obsessed with compliance excellence. The factory, if it even exists, is a “risk” to be managed, and the chartered accountant is the high-priest who tells the board if that risk is acceptable.
By taking accountants this seriously, South Africa has perfected the art of measuring value, but has neglected the art of creating real tangible value.
The worship and adoration of the CA(SA) is a symptom of a services-led economy that has skipped the labour-intensive industrialisation phase, and this is primarily why the unemployment epidemic cannot be resolved.
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My name is Fezile Dhlamini. I am the founder of Green Scooter, SA's first black-owned EV manufacturer.
This thread documents 8 years of engagement with the @IDCSouthAfrica .
Everything I am about to share is supported by emails, letters, and official documents filed with Parliament and the Public Protector.