As global markets reel from supply chain shocks, political disruption and foreign exchange volatility, treasury professionals must evolve, and fast. For David Chatsama, market and liquidity risk manager at Africa Export-Import Bank (Afreximbank) in Cairo, Egypt, and newly appointed council member of the Association of Corporate Treasurers (ACT), this complexity is not a challenge to be feared, it is a call to action.
“There’s a lot of uncertainty right now and things change faster than you can ever imagine,” Chatsama says. “The treasurer needs to be really more diverse, more active and more involved in what is happening in the business.”
Chatsama’s career spans 18 years, during which time he has helped build treasury functions from the ground up. “When I started in treasury, it was just a breakout from finance. But there was overwhelming demand for treasury to stand alone,” he recalls.
At his organisation, he was one of four founding members of a standalone treasury department. “I remember making a presentation on the need for a treasury management system when people didn’t believe we needed one,” he says.
That drive to elevate treasury as a core strategic function is what brought Chatsama to the ACT Council. “I really want to help finance professionals discover the possibilities in treasury. It is complementary to accounting and finance, but to me, it is more exciting.”
I tell them, ‘You can do this. I’ve done it'
His passion for growing the profession is matched by his advocacy for treasury qualifications. “Over the past five years, I’ve worked with the ACT to interview students coming into treasury. I talk to them, give them motivation. When I explain the ACT qualification, people go for it.” For Chatsama, leading by example was key: “I had to go all the way to FCT so that when I speak with them, it’s more convincing. I tell them, ‘You can do this. I’ve done it.’”
But qualifications are just the start. For today’s treasurer, understanding risk is fundamental. “Interest rates, FX, liquidity, everything is cross-cutting now,” he argues. “We have seen big banks collapse because they didn’t manage interest rate risk well. The treasurer must follow not only the market data, but also political dialogue. It’s no longer just reading the market and taking action like before.”
Risk is now the treasurer’s primary concern, and the only way to handle that is to continuously learn and adapt
Treasurers across the Middle East face specific pressures, he notes, from US dollar dependency in trade finance to currency devaluation and capital controls. “I have been speaking to treasurers with hundreds of millions of dollars trapped in jurisdictions where they cannot move it. These are no longer theoretical risks; they’re real.”
Despite the challenges, Chatsama sees opportunity in regional collaboration and professional development. “In Saudi Arabia, there is a booming demand for treasury talent. They are recruiting globally because of the shortage. It shows how vital this profession has become.”
His message to treasurers is clear: stay informed, stay connected and keep learning. “Risk is now the treasurer’s primary concern, and the only way to handle that is to continuously learn and adapt.”
As an ACT Council member, Chatsama hopes to build a strong pipeline of voices from the region to shape global dialogue. “There are burning issues that need to be talked about, and I believe the ACT can be the platform for that.”
Find out more and register for the ACT’s Middle East Treasury Summit.
Philip Smith is editor of The Treasurer