Promotional image
The comments follow backlash over a promotional image published to announce the merger of the Financial Mail and Currency newsrooms. The image, which was presented as featuring the country's top business journalists, drew criticism on social media for its lack of racial diversity.
In a statement issued this week, the Financial Mail and Currency team acknowledged that it had "got this wrong", saying the image "did not simply create the wrong impression, it reflected a newsroom that is not yet diverse enough".
The publication said the image fell short of both the expectations South Africans should have of an influential business publication and its own standards.
"As we build the combined Financial Mail and Currency newsroom, increasing the representation and advancement of Black journalists and editors will be a priority across recruitment, commissioning, mentorship and leadership," the statement said.
It added that the controversy had prompted "a necessary conversation about who tells South Africa's business story, whose perspectives shape coverage and who sits in the rooms where editorial decisions are made", concluding: "We have heard the criticism, and we will act on it."
Sanef, however, said the incident had exposed "a profound and unacceptable systemic failure" and highlighted the lack of diversity, inclusion and transformation not only within the merged newsroom but across South Africa's business media sector.
Christian Ungruhe 17 Jul 2026 "The promotional image showcasing the country's top business journalists presented an overwhelmingly homogenous senior team," Sanef said. "This laid bare the stark exclusion of Black journalists from key editorial positions."
The organisation argued that while the publication had acknowledged the problem, "the industry cannot accept mere platitudes or reactive course corrections after the fact".
Representation in business journalism
Instead, Sanef said the debate raises broader questions about representation in business journalism, including who tells South Africa's economic story, whose perspectives shape financial coverage and who holds editorial decision-making power.
It said a business newsroom that excludes the perspectives of Black South Africans, particularly women, falls short of what the public should expect from influential media institutions.
According to Sanef, genuine transformation requires structural change across recruitment, commissioning, mentorship and leadership, rather than diversity initiatives introduced only after public outcry.
At the same time, Sanef welcomed comments from Currency editor Rob Rose, who reiterated the merged newsroom's commitment to increasing the representation and advancement of Black journalists and editors.
"We are absolutely committed, as we build the combined Financial Mail and Currency newsroom, to increase the representation and advancement of Black journalists and editors," Rose said in a response to Sanef's Ethics and Diversity Committee.
"This includes prioritising the recruitment of people of colour, and extends to how we commission stories, mentor people, and constitute our leadership. We would welcome the opportunity to work with Sanef in elevating this issue and addressing it."
The organisation said its latest Glass Ceiling Report, which examines representation and the experiences of women journalists and editors in South African newsrooms, will be released on 6 August.
