Tag: economic development

The widespread adoption of digital wallets is transforming the global financial landscape. Africa leads this transformation with rapid growth in usage. A recent Juniper Research study reveals that over two-thirds of the global population will own a digital wallet by 2029. This shift represents a major departure from traditional payment methods. Africa showcases this trend more than any other region.

The Africa’s entertainment and media industry is expected to outpace global growth in the next five years, driven by internet advertising and streaming services.

The South African Revenue Service (SARS) increases customs duties for online retail orders as part of a broader strategy to promote local businesses and address global supply chain imbalances. The clothing and textile industry has faced widescale criticism for controversial environmental, social, and governance (ESG) practices. South African consumers may imagine themselves to be far from the hub of these issues. However, we are all participants in the global supply and demand for fashion.

The first six months of the financial year were highly successful for the Group. Naspers accelerates growth with operations achieving topline growth of 24%. Consolidated e-commerce revenue reached US$3.3 billion during this period. Importantly, e-commerce adjusted EBIT increased fivefold to US$169 million.

As South Africa assumes the presidency of the Global Group of 20 (G20) in December, it faces significant opportunities. The country is set to lead global discussions on sustainable energy and economic development for the Global South. "Just energy transition" and financing solutions for economic growth are the top priorities on South Africa’s G20 agenda. This highlights the need for innovative, resilient, and green technology solutions.

As South Africa faces an intensifying water crisis, government is placing the spotlight on the water and sanitation sector by shifting from the "business as usual" approach to unlock innovative funding for increased water infrastructure development. On Tuesday, 27 August 2024, President Cyril Ramaphosa approved the South African National Water Resources Infrastructure Agency SOC Limited Bill (the bill).

In a significant move towards enhancing efficiency, transparency, and accountability in public procurement processes, the gazetted Public Procurement Act of 2024 (Act) aims to revolutionise the way government entities engage in procurement activities.

With national election taking place this month, we are stressing the importance of robust telecommunications security to facilitate a successful electoral process. This priority reflects our commitment to maintaining the integrity and efficiency of communications systems during crucial democratic events.

In the wake of COVID-19 and the accelerated digitisation of financial services, the gap between South Africans who have highly developed financial literacy and those with little or none has not just widened – it has taken on new dimensions.  The consequences for South African society are dire.

SMEs play a crucial role in most economies, and South Africa is no exception. They are also important contributors to job creation and global economic development. According to the World Bank Group SMEs represent about 90% of businesses worldwide, while the International Finance Corporation revealed that roughly 50% to 60% of South Africa’s workforce finds employment within SMEs.