South African chief financial officers are being asked to deliver growth, improve productivity and fund business transformation at a time when economic growth is still challenging, operating costs continue to rise and capital remains constrained.
While South Africa’s economic outlook has improved after years of underperformance, growth is expected to remain modest at around 1,2% in 2026.
New global research from the Oliver Wyman Forum and the New York Stock Exchange suggests this balancing act is fundamentally reshaping the CFO role – from financial steward to enterprise transformation leader – with important implications for South African businesses.
The findings come at a particularly relevant time for South Africa. While organisations are investing heavily in digital transformation and artificial intelligence (AI), executives are under increasing pressure to demonstrate measurable returns on those investments in a low-growth environment.
With South Africa facing one of the world’s highest youth unemployment rates, the need to translate AI investment into inclusive economic opportunity is even more urgent.
“The expectations placed on CFOs have changed dramatically,” says Sandra Villars, partner: financial services at Oliver Wyman. “Today’s finance leaders are expected not only to protect profitability, but also to determine where to invest for growth, oversee transformation programmes and ensure those investments deliver tangible business value.”
The Oliver Wyman Forum CFO Agenda, developed in collaboration with the New York Stock Exchange, surveyed 494 CFOs from public and private companies representing approximately 12% of global listed market capitalisation.
Among its key findings are:
- 72% of CFOs say transformation is becoming one of the fastest-growing parts of their role.
- 89% are increasing AI investment across at least one finance use case.
- Yet only 6% identify AI deployment as their organisation’s most significant realised value driver
According to Villars, the gap between AI investment and measurable outcomes presents one of the biggest leadership challenges facing finance executives.
“We’ve moved beyond asking whether organisations should invest in AI,” she says. “The real question is whether those investments are generating measurable business value. Increasingly, CFOs are the executives expected to answer that question.”
The research also highlights that finance leaders continue to balance competing priorities. While 64% identify growth as their primary driver of shareholder value, 60% simultaneously rank cost management among their top priorities, underscoring the tension between investing for the future while maintaining financial discipline.
For South African organisations, these pressures are amplified by persistent economic constraints and the need to improve productivity without significantly increasing costs.
“South African businesses don’t have the luxury of pursuing transformation without a clear commercial case,” says Villars. “Every investment competes for scarce capital, making disciplined execution and rigorous measurement of return on investment even more important.”
The report also points to significant workforce implications as automation becomes more widespread. While many organisations expect AI to reshape junior roles over the coming decade, South African companies will need to balance productivity gains with broader workforce and societal considerations in one of the world’s highest-unemployment economies. AI presents a particular challenge for junior and entry-level roles, increasing the importance of skills development, reskilling and workforce redesign to ensure technology complements rather than displaces future talent.
“The conversation is no longer simply about reducing costs,” Villars adds. “It’s about redesigning work, equipping people with new capabilities and ensuring technology improves organisational performance over the long term. AI can strengthen rather than replace South Africa’s talent pipeline.”
As finance leaders increasingly take ownership of enterprise transformation, the report concludes that the modern CFO is becoming one of the most influential executives in determining how organisations create long-term value.
For South African CFOs, balancing AI-driven productivity with employment and skills development will be one of the defining leadership tests in the years ahead.