When the deals close, where are the black women?

South Africa frequently emphasises business transformation, but capital flows tell a different story. The country’s major deals are still largely determined within a small circle of advisers, financiers and executives who repeatedly sit at the centre of the same transactions.

If inclusive growth is the goal, then the question is: who is actually in the room when capital is allocated? And far too often, black women are missing from those decision-making tables.

The statistics are revealing

Despite entry level progress, black women remain significantly underrepresented in senior corporate leadership. Research shows that only about 6.7% of top management positions are held by black women, compared with nearly 50% held by white men. Even across the JSE Top 40, women occupy roughly 23% of executive roles. This is in an economy where women make up nearly 50% of the economically active population.

Representation declines most significantly at senior decision-making levels, particularly in advisory roles where major corporate transactions are structured.

Diverse teams a strategic asset

Research consistently shows that diverse teams foster participation and collaboration, enhance knowledge-sharing and lead to improved workplace performance.

In South Africa’s context, where transformation is both an overarching imperative of the Constitution and an economic necessity, representation in advisory roles becomes even more important. If capital is to reach historically underserved sectors and entrepreneurs, the gatekeepers of capital must reflect the diversity of the market itself.

The most significant drop-off for black women is not at recruitment level. The real attrition happens during the transition from competent manager to recognised dealmaker where access to complex transactions, senior management, board-level exposure and reputational capital becomes critical.

Barriers to advancement

Research on the advancement of black women in corporate environments shows that limited access to mentorship, leadership opportunities and influential networks continues to hinder career progression. Those who secure roles on high-profile transactions gain experience, critical exposure to senior leadership, build reputational capital and develop the credibility needed for senior positions.

However, unequal access to such opportunities – driven by informal networks, unconscious bias and exclusion in male-dominated spaces – has lasting consequences, often leaving women overlooked for future deals. In relationship-driven advisory settings, where progression depends heavily on senior sponsorship, the absence of deliberate advocacy can cause even highly capable professionals to stall in their careers.

Less talk, more action

So, what needs to change?

Structured sponsorship programmes with senior leaders actively advocating for high-potential professionals will ensure they gain exposure to critical deals and leadership opportunities.

In addition, promotion pathways must be transparent. Clear criteria for advancement will ensure performance – not informal networks – drives career progression.

Deliberate deal exposure is equally important, leading to emerging professionals gaining experience on complex, high-value transactions, thereby building the track records needed for leadership roles.

Also, leadership development should go beyond technical training. Client leadership, negotiation and strategic advisory capabilities should be deliberately cultivated.

Notably, retention is key. Advisory environments are intense. In this respect, flexibility, inclusive cultures and psychological safety are critical for retaining talent.

These initiatives would greatly expand opportunities in the sector, ensuring firms draw from the broadest and strongest possible talent pool.

South Africa’s economy cannot afford to ignore talent any more than it can afford to misdirect capital. If South Africa is serious about inclusive growth, the people structuring its deals must better reflect the diversity of the economy they serve.

Zamangomane Mdletshe

Associate: Corporate Finance Advisory

Tamela