The seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined by 1.6 index points to 47.6 in June 2023. This is the lowest level since mid-2021.

For the first time since 2018, all five subcomponents used to calculate the headline PMI were below the neutral 50-point level, pointing to a worsening of business conditions in the sector. A key drag on the sector seems to come from weak demand, with the new sales orders index edging down once again as the decline in export sales deepened and domestic demand remains under pressure. The index declined from 47.5 in May to 45.6 in June.

• PMI June report 2023
• PMI June infographic 2023

Absa L’Atelier, a leading Pan-African art competition, in partnership with the South African National Association for the Visual Arts (SANAVA), is thrilled to announce the successful completion of the 2023 Absa L’Atelier Country Draw. This event marks a significant milestone in the competition’s rich history, now in its 37^th year, as it continues to provide a platform for emerging artists in those countries across the African continent where Absa has a presence to showcase their talent.

During the draw, the countries that will be participating in this year’s competition were unveiled, creating anticipation for a diverse and captivating showcase of artistic expression.

The participating countries for Absa L’Atelier 2023 include:

Group A: Kenya, Ghana, Zambia, Mauritius

Group B: Namibia, Tanzania, Uganda, Seychelles

Group C: Mozambique, Botswana, South Africa, Nigeria

Dr Paul Bayliss, Senior Specialist, Absa Art, and Museum Curator, expressed his enthusiasm for this year’s competition. “We are delighted with the great amount of interest we have received for this year’s competition, with entrants from all 12 participating countries. We’re looking forward to the day of the announcement and support from the artists.”

“The Absa L’Atelier has been a vital platform for artists across Africa serving as a catalyst for creativity, enabling emerging talents to gain recognition and make their mark in the global art scene. We are thrilled to reveal the participating countries for the 2023 edition and look forward to witnessing the incredible artworks that will emerge from this culturally diverse and inspiring collective,” continued Bayliss.

The adjudication process will commence in July until the end of August. The adjudicators will select three Absa L’Atelier Ambassadors to be announced in September, one from each of the groups, who will each receive a laptop, data and exposure to intensive virtually hosted mentorship and masterclasses geared towards upskilling and enabling them to take their careers to the next level.

In addition to the masterclasses and mentoring, the winning artists will have a collaborative exhibition in the Absa Gallery which will open in November 2024. This will then travel to each of the respective countries in 2025. They will also have an option to take up a solo exhibition within a five-year period at the Absa Gallery in Johannesburg.

Since its inception, the Absa L’Atelier has fostered a spirit of cross-cultural exchange and artistic growth, nurturing emerging artists and encouraging them to push boundaries and explore new artistic frontiers. The competition has become an essential steppingstone for artists in their journey towards establishing themselves as influential figures in the art world.

The Absa L’Atelier 2023 promises to build upon this legacy, providing a platform for the selected artists to captivate audiences with their unique perspectives, narratives, and artistic visions.

Nkhensani Rihlampfu, the 2019 Absa L’Atelier Ambassador, took us on a very intimate solo exhibition that has been three years in the making, titled, “The Journey: A Personal Reflection”. This exhibition is hosted at the Absa Gallery in partnership with the South African National Association for the Visual Arts (SANAVA). Nkhensani says his solo exhibition was inspired by his experience these past three years, after the COVID-19 pandemic. It was during this time that he was learning to adjust to a post-COVID-19 world. While the World Health Organization no longer regards COVID-19 as a public health emergency of international concern, like Nkhensani, many of us are still having to deal with the personal trauma and loss experienced since the onset of the pandemic.

Born in Limpopo, Nkhensani studied fine arts at the Tshwane University of Technology in Pretoria, where he went on to obtain a B-Tech in Fine Arts, in 2011. Since then, Nkhensani has been involved in several art programmes and has produced many commissioned pieces, including a unique sculpture created from shredded South African notes for the South African Reserve Bank and a painting for Constitutional Hill, the seat of South Africa’s Constitutional Court. His art has been featured in several group and curated exhibitions in the Absa Gallery, the Klein Karoo National Arts Festival (KKNK), Grahamstown Arts Festival, Pretoria Art Museum, RMB Turbine Art Fair and the FNB Joburg Art Fair, to name a few.

It was during the pandemic that Nkhensani, like many other people, was negatively impacted financially, personally and in his career. Three years later, he is still trying to adjust by reclaiming his career and life from what it was in the beginning of 2020. In coming to terms with this loss, he is also having to recover from the impact of the isolation, trauma, personal and financial loss that he experienced.

In this very personal body of work, Nkhensani shares with us his memories of experiences, places or people that inspired within him a sense of hope and peace, enabling him to move forward despite the challenging situation in which he found himself. Through this journey of discovery, Nkhensani hopes to inspire a feeling of comfort and perseverance in other people that were similarly negatively impacted by the pandemic.

“Tonight, I had the opportunity to witness a heart-warming exhibition that evoked a great sense of emotion in me. Nkhensani has demonstrated to us that not all hope is lost, but through perseverance and sacrifice you can motivate yourself to rise and still shine. Our organisation is honoured to be partners in developing the careers and storytelling journeys of artists such as Nkhensani,” says SANAVA President, Dr Samuel Isaacs.

“Life stories such as Nkhensani’s are stories that are not often told. Realising an artist’s dream, and making it come to fruition, is something that we, at Absa, pride ourselves on. Tonight is not only a journey of personal reflection, but an inspirational story of dedication where Nkhensani has taken control and risen above the challenges. As an organisation that is invested in future talent, Absa is delighted to continually partner with artists in opening doors and enabling them to find their voice,” says Dr Paul Bayliss, Senior Specialist: Art and Museum Curator at Absa Group.

Since winning the 2019 Absa L’Atelier Ambassador Award, Nkhensani’s journey has required him to find his paradise. “A paradise that I can call a place of peace that triggers both a positive perspective to life and a hope for the future. This trigger is an experience for me, a place, a home or a memory. Through this exhibition, I wish to encourage others that have experienced similar challenges as myself over the past three years to find their paradise,” says Nkhensani.

The seasonally adjusted Absa Purchasing Managers’ Index (PMI) edged down to 49.2 in May 2023 from 49.8 in

April. In addition to the downbeat assessment of the current environment, respondents turned notably more negative about business conditions going forward.

“Cumulative load-shedding was roughly similar in April and May and likely did not weigh more/less on activity in May than the previous month. In all, the average index level of business activity in the first two months of the second quarter is below the first-quarter average. This suggests that the sector may once again detract from quarterly GDP growth after an expected expansion in the first quarter.” – @Miyelani Maluleke, Economist at Absa CIB. #AfricaExpertise

• PMI May report 2023
• PMI May infographic 2023

Approval paves the way for thousands of Absa employees to become shareholders and thousands of previously disadvantaged participants to benefit.

• Anticipated transaction implementation date is 1 September 2023
• Eligible South African employees to receive rights to shares once transaction has been implemented
• Eligible South African employees to become shareholders five years from implementation date
• Employees in other Absa presence countries to have the opportunity to participate through cash-settled plans, subject to local approvals
• Half of the transaction will be for the benefit of participants in corporate social investment programmes

Absa Group shareholders have voted in favour of the Group’s broad-based black economic empowerment (B-BBEE) transaction, valued at approximately R10 billion at recent share price values, paving the way for implementation of one of the largest black economic empowerment transactions in recent times.

At an extraordinary general meeting held 2 June 2023, following the Group’s annual general meeting, shareholders approved resolutions required to give effect to the transaction, including increasing Absa’s authorised share capital.

“We are grateful to our shareholders who are aligned to our long-term vision of empowering our staff and communities,” said Arrie Rautenbach, Absa Group CEO.  “Today marks a milestone in the journey to bring this sizeable and impactful transaction to fruition, benefitting employees and communities in a meaningful way.”

The B-BBEE transaction involves 7% of the total Absa Group shareholding, comprising 3% for South African staff and 4% for black participants in selected Corporate Social Investment (CSI) progammes. Absa Group companies outside South Africa will be able to participate through a cash-settled staff scheme in their respective jurisdictions, which will contain terms and provisions that will be notionally equivalent to the terms proposed for the SA staff scheme.

Absa anticipates that the SA staff scheme will be implemented on 1 September 2023, awarding rights to shares to thousands of Absa employees, who will become shareholders when the shares vest five years from the implementation date. On implementation of the transaction, Absa will also allocate shares to a CSI Trust which will distribute its significant dividend income to its beneficiaries, who will be mainly black participants in CSI programmes that focus on education and youth employability.

Absa Group broad-based black economic empowerment programme beneficiaries.                                                                                                                                                                           

Both the CSI component and the SA staff component will enhance Absa’s B-BBEE credentials and assist Absa in achieving the equity ownership targets set out in the Financial Sector Code, such that Absa can sustainably achieve at least 25% black ownership.

CSI Trust                                                                                                                                                                                                   

• The CSI Trust will hold an effective indirect 4% interest in Absa and will house a CSI scheme
• The CSI scheme will focus on education and youth employability …
• …and will be “evergreen”, meaning it will provide ongoing benefits to the CSI scheme participants.
• CSI scheme participants will be selected by the trustees by way of a robust and defined set of processes and governance and reviewed annually.

SA Staff Scheme – South Africa                                                                                                           

• The SA staff scheme will include all of the approximate 26 000 eligible permanent staff members of Absa Group companies in South Africa, regardless of race or nationality.
• However, the SA staff scheme will be structured to enhance the participation of the approximately 20 500 eligible South African Black (African, Indian and Coloured) staff members who will receive an additional 20% allocation relative to staff who are not Black.
• Hence, approximately 82% of the value of the SA staff scheme will be for the benefit of Black staff.

Staff Schemes – outside of South Africa

• Absa believes it is imperative to recognise the valued role all staff play in Absa’s success by inviting Absa Group companies outside South Africa, representing a further approximately 9 000 permanent staff members, to participate via cash-settled staff schemes in their respective jurisdictions, which will contain terms and provisions that will be notionally equivalent to the terms proposed for the SA staff scheme.
• These schemes are subject to the approval of the respective boards of the non-South African subsidiaries and any other relevant approvals required.

In considering the beneficiaries of the transaction, Absa regarded it as imperative to include employees, in recognition of the valued role that all staff play in the Absa’s success. More broadly, the transaction reinforces Absa’s commitment to transformation, inclusive growth and community upliftment as it strives to be an active force for good.

“The transaction also demonstrates Absa’s commitment to being a purpose-led organisation, empowering Africa’s tomorrow, together… one story at a time,” said Rautenbach.

Absa Gallery, in partnership with the French Institute of South Africa (IFAS), has opened its doors for a solo exhibition by Phoka Nyokong, the 2019 Absa L’Atelier Gerard Sekoto award winner. Phoka his latest art collection, titled “Museum of New Hymns for the Confused.” These paintings were produced while he was in residency at NIROX in 2022. They build on an ongoing series entitled Ethnology for Genocide: The History Paintings, which focuses on, what Phoka sees as the violent entanglement of African cultural heritage with western anthropology, ethnology, museology, religion, and psychology.

Phoka is a multi-talented artist, curator, writer and researcher, whose art practice transcends several genres: from performance, sound/video and installation, photography, storytelling, curating, writing, drawing, to painting. Dating back to 2013, Phoka’s previous exhibitions have been mostly with public institutions. Some of his more recent exhibitions include the Turbine Art Fair (2018 and 2019), the Pretoria Art Museum, Lizamore and Associates, the 2019 Absa L’Atelier Exhibition at the Absa Gallery in Johannesburg, the Ernest Mancoba Dialouge at A4 Arts Foundation (2020) in Cape Town, with the most recent group show being Black Luminosity with Smac Gallery in Stellenbosch. 2020 saw his first institutional solo exhibition titled Dinoolwane, Matlotlo le Baloi, at the North-West University Art Gallery, Potchefstroom.

Phoka aims, through this exhibition, for the viewer to explore the politics and poetics of restorative culture, cultivating a speculative history through reimagining traditional myths from West Africa.

Cultural attaché and Deputy Director of French Institute of South Africa (IFAS) a lead sponsor of the Gerard Sekoto Award, Sophie Boulé expressed “I’m very delighted to witness arts and culture here in South Africa getting more recognition each year, this goes to show that our partnerships with Absa and South African National Association for the Visual Arts (SANAVA), are proving to be worthwhile in the long run. The French Institute of South Africa is determined to continue taking part in executing an artist’s dream and allowing them to take centre stage both locally and internationally. Phoka’s journey has been exceptional since winning the award in 2019 and his new art collection has definitely proven that he has a bright future ahead of him”.

“Making an impact and playing a vital role like this for young artists here in South Africa, is hardly spoken of everyday. As an organisation that is invested in future talent, it’s imperative for us to continue showcasing artists such as Phoka, bringing their talent to light. We are always proud to take part in supporting these artists in building their legacy for present and future generations,” says Dr Paul Bayliss, Senior Specialist: Art and Museum Curator at Absa Group.

Since winning the 2019 L’Atelier award, Phoka continues to share advice to up and coming artists stating that “It’s really important to know that it doesn’t come easily, it comes with being humble, sacrifices and being dedicated to your work. I’ll always be grateful to Absa, the South African National Association for the Visual Arts (SANAVA) and the French Institute of South Africa for this opportunity and how it has changed not only my career as an artist, but my life as a whole. This Award is really humbling because it’s dedicated to the memory of Gerard Sekoto who was of course one of the early black pioneers of visual arts in South Africa.”

Art in South Africa is something that at times can be overlooked, but Absa and its partners, through Absa L’Atelier and working with creatives such as Phoka Nyokong give hope to other artists who aspire to share their passion for the arts.

Absa was rated top among “the 25 best workplaces to grow your career” in an annual survey by LinkedIn, the world’s largest professional network with more than 900 million members.

The survey names the Top 25 South African workplaces, based on LinkedIn data that measures various elements of career progression. The methodology considers “components like how employees are advancing both within a company and when they leave, how they’re upskilling while employed there, and more — revealing companies that help set people up to get ahead in their careers,” according to LinkedIn.

As workers continue to adapt after the Covid-19 pandemic changed working habits, many professionals continue to seek their best next career move, while employers rethink how they attract, retain and develop talent, says LinkedIn.

“As home of Africa’s leading talent, Absa understands that the wellbeing of our people is vital to building a winning, talented and diverse team, as we increase employee productivity and engagement. We continue to enable sustainable hybrid and flexible working as part of our employee value proposition, and this model will remain part of our blueprint,” said Jeanett Modise, Absa Group Chief People Officer.

To prepare for this longer-term transition, Absa continues to upskill employees and leaders with the knowledge and tools to enhance productivity, engagement, and inclusiveness in a virtual world.

Furthermore, the Group is committed to progressing its transformation and inclusivity agenda, believing that diversity presents a competitive advantage that will continue to shape organisational culture, agility and resilience in years to come.

“We’re very proud of another accolade recognising Absa’s efforts to be a top employer, attracting excellent talent. This is another way in which we are living our purpose, which is: empowering Africa’s tomorrow, together… one story at a time,” said Sydney Mbhele, Absa Group Chief Marketing and Corporate Affairs Officer.

Other recent accolades:

• Absa received Top Employer Africa certification for the second consecutive year in South Africa, Zambia, Kenya, Botswana and Ghana.
• Forbes recognised Absa as a top African organisation championing women at work (ranked 36th out of 400 companies internationally)
• Absa was voted the best employer in banking and financial services and the best overall employer in South Africa by South African tertiary students in the Gradstar Students’ Choice programme, the largest survey of its kind.