Transcript 

Leana van der Merwe: 
Good day, CFO Club listeners. Welcome to today’s podcast—this is a special edition of the CFO Club Conversations. My name is Leana van der Merwe, and I’m very excited to be joined by a powerhouse in the world of finance and governance: Dr. Huruda de Castro Malungane. 

Huruda is the Head of Finance at Liberty Health, where she also serves as Acting Head of Risk Management and Country HR Lead. She’s the founder of the CFO Forum in Mozambique—a platform similar to the CFO Club, focused on strengthening CFO networking in the region. With experience across hospitality, telecommunications, and financial services, she brings a rare mix of strategic thinking, operational excellence, and sustainable finance advocacy. Dr. Huruda, welcome—it’s a pleasure to have you with us today. 

Dr. Huruda Malungane: 
Thank you so much for the invitation, Leana. Good morning, good afternoon, or good evening to everyone listening. I’m honoured to be here and really looking forward to our conversation. 

Leana: 
We know it’s a busy time of the month for anyone in finance, so thank you again for joining us. Let’s start with your current scope at Liberty Health. You’re involved in finance, HR, risk, and even board liaison work. There’s a growing idea that the modern CFO is becoming a “Chief Everything Officer.” Is this empowering, or are we setting ourselves up for burnout and blurred accountability? 

Huruda: 
That’s such a timely question, Leana. Indeed, the role of the CFO has evolved far beyond managing the balance sheet. We used to be known as the guardians of the numbers—protectors of shareholder value. But in my experience, especially at Liberty, I’ve learned that CFOs can do far more. 

I wear multiple hats: finance, HR, enterprise risk, governance, and strategy—which is my favourite. I genuinely feel like a “Chief Everything Officer,” and I find that empowering, if it’s done intentionally. Yes, the scope has grown, but so has our strategic influence. 

We’re no longer stewards of the past—we’re co-architects of the future. But you’re right, the danger is real. Without clear boundaries or alignment with leadership, burnout and blurred accountability can happen. The key is how organisations structure support for CFOs. Success hinges on strong teams—not being a superhero. 

Leana: 
So true. Many guests have said their teams are their biggest asset. I also love that you said it’s a choice—to put on those different hats. And it’s refreshing to hear a CFO who embraces the strategic side, as many try to hand that off to the CEO. 

Huruda: 
Exactly. I see the CEO and CFO as gears in the same engine. The CEO sets the direction; the CFO provides the rhythm—the heartbeat. It’s about partnership, not hierarchy. Our team isn’t just those beneath us; it’s also peers and leadership—including the board. 

Leana: 
Let’s talk about ESG. You’re an advocate for ESG and sustainable finance, but ESG is facing a credibility crisis. Many see it as a tick-box exercise or corporate greenwashing. How do we distinguish genuine ESG leadership from reputational risk management? 

Huruda: 
Thank you for raising this. ESG is very close to my heart. Globally, ESG started with the right intentions, but somewhere along the way, the focus shifted—from impact to image. It became about ratings and appeasing investors, rather than creating real value for people and the planet. 

In Africa, this credibility issue is even more dangerous. ESG for us is not just about sustainability—it’s about survival, resilience, and inclusive growth. As a CFO, I see ESG at the intersection of capital allocation and strategic risk. It’s not just about reports; it’s about real decisions. 

At Liberty, we’ve moved beyond compliance. For example, improving access to healthcare in Mozambique isn’t just a social imperative—it’s part of our business model. That takes data, transparency, and sometimes tough conversations with short-term investors. 

Board-level accountability is key. ESG must be integrated into governance and risk conversations from the top. It needs measurable, systemic impact—not vanity metrics. Above all, it takes courage to do the right thing, even when it’s not a quick win. 

Africa has a unique opportunity to embed ESG into our business DNA, but only if we treat it as purpose, not marketing. 

Leana: 
Wow. That’s powerful. I love that you view ESG as a value driver and purpose-driven, not just a compliance tool. 

Let’s talk about leadership during economic shifts. You’ve led finance divisions in hospitality, telecoms, and healthcare—often in highly regulated sectors. How do you balance being bold and forward-looking with compliance and board conservatism? 

Huruda: 
It’s tough, and the tension is very real. Regulation is critical—especially in sectors like healthcare and telecoms—but compliance shouldn’t be a ceiling. It should be a foundation. 

What I’ve learned is the importance of speaking both languages: prudence and possibility. We must be innovative within the rules. That takes patience and persuasion—especially with boards. 

Sometimes it’s about educating the board and regulators. Innovation isn’t recklessness. It’s progress within guardrails. 

Leana: 
Let’s talk about the CFO Forum in Mozambique. Was this born from a gap you experienced? Do CFOs in Africa suffer from a lone-wolf mentality that holds back innovation? 

Huruda: 
Absolutely. The forum was born from personal and professional isolation. It was after attending a European Women on Boards training that I realised we were lacking these communities locally. 

When I became a CFO, especially in Portuguese-speaking countries, I felt how lonely this role could be. The perception that the CFO is just a numbers person, detached from strategy and people, is still real here. But in truth, we are involved in everything. 

The CFO Forum is not just about networking—it’s about honest conversations around ethics, innovation, and resilience. We need spaces to support each other, and the next generation is hungry for openness, agility, and influence. 

Our role now is to build the bridge—to lead not with stoicism, but with connection. 

Leana: 
That’s inspiring. You mentioned ethics earlier. So here’s a scenario: what if there’s a cost-saving strategy that disproportionately affects lower-level staff while leadership remains untouched? Where’s the ethical line between financial efficiency and leadership responsibility? 

Huruda: 
This is the tough side of leadership. Cost-cutting is sometimes necessary, but how we do it defines who we are. If the pain is pushed downward and leadership is spared, that’s not strategy—that’s hypocrisy. 

I always ask: who bears the consequences of this decision? If it’s only the most vulnerable, we haven’t done our job as ethical leaders. I advocate for shared sacrifice. I’m fortunate to work with a managing director who believes in the same principle. 

We always prioritise value creation before cutting costs. Financial health and human dignity must coexist. As CFOs, we must bring this mindset to the boardroom. 

Leana: 
Let’s touch on a big one. You’ve had a front-row seat to corporate leadership in Africa. What’s one uncomfortable truth we don’t talk about enough? 

Huruda: 
This is something I wish was asked more in boardrooms. The uncomfortable truth? Too many decisions in Africa are made out of fear—not strategy. 

We fear upsetting political relationships, challenging hierarchies, or being “too” something—too young, too female, too outspoken. I’ve lived this. I’ve seen brilliant ideas pulled back because they might make someone uncomfortable. 

This isn’t strategy—it’s risk aversion disguised as prudence. Many corporate structures still mirror colonial mindsets—hierarchical, centralised, and allergic to dissent. 

We say we want innovation, but we don’t create the psychological safety for bold, ethical leadership. That’s why we’re losing young African talent—not because they lack loyalty, but because they’re tired of waiting for permission. 

We need a shift from control to trust. From silence to courage. Real leadership isn’t about having all the answers—it’s about asking the right questions. 

Leana: 
So well said. Lastly, you’re speaking at the 8th Annual CFO Africa Markets Event in July. Can you give us a sneak peek into your topic on stakeholder engagement and crisis communication? 

Huruda: 
Absolutely. I’ll be speaking about building trust and transparency through crisis communication. My message to CFOs is: you are not alone. 

Yes, our roles can be demanding and isolating, but through crisis we are building resilience. We’re not just gatekeepers of cost anymore—we’re architects of strategy, custodians of ethics, and champions of sustainable growth. 

Let’s stop leading in silence. Let’s build communities of practice. Mentor the next generation. Challenge the status quo—even when it’s uncomfortable. 

Africa is shifting. The world is watching. We, as CFOs, have a critical role in ensuring that our continent’s growth is fast, fair, and future-proof. 

Leana: 
Dr. Huruda de Castro Malungane—Head of Finance, HR, and Acting Risk Management at Liberty Health, and founder of the CFO Forum Mozambique—thank you for joining us. This was an inspiring and thought-provoking conversation.