Tag: economic growth
Cutting wasteful government spending to curb the debt crisis
Austerity does not need to mean suffering. Cutting public spending is urgent to address South Africa’s growing debt. Delaying cuts will only worsen debt and interest payments, making future cuts more severe. Reducing spending needn’t harm South Africans, as many wasteful expenses can be removed. In 2023, the Democratic Alliance (DA) estimated that the African National Congress (ANC)-led departments wasted around R40 billion in 2022/23 alone.
Africa’s energy transition progress – driving sustainable solutions
Africa is making slow, steady progress towards energy security, which will only be enhanced through collaboration. Energy access is undeniably one of the most crucial components of modern day living. Reliable energy supply ensures that economies are growing by supporting critical industries like mining, manufacturing, agriculture, healthcare and education, while improving the lives of billions of people.
Renewable energy data centres – powering AI’s future
Let's face it: South Africa's power grid is not winning any awards for reliability. Our data centres are feeling the heat - and not in a good way. These digital powerhouses not only keep our online world spinning but are also fuelling the recent Artificial Intelligence (AI) revolution - yet their ever-expanding capabilities hinge on one critical requirement: an uninterrupted power supply.
Employment tax incentive amendments
In a significant move to strengthen the integrity of the Employment Tax Incentive (ETI) scheme, the government has proposed amendments to Sections 1(1) and 5(3) of the Employment Tax Incentive Act, No. 26 of 2013. The ETI, introduced in 2013, aims to encourage employers to hire young job seekers by reducing the cost of employment through a government-supported cost-sharing mechanism.
Foundations of health and wellbeing
As disability or incapacity consultants, we are exposed to many individuals with physical and mental conditions, which impede their quality of life. In most cases, it is often an accumulation of factors that lead to an individual being plagued by illness.
Incentivising integrity boosts governance and accountability
Collaboration between government and business is vital to realising economic growth. Government should set up a conducive environment for businesses to operate while businesses ensure that they help grow the economy and employ citizens. This partnership must ensure that socio-economic goals are also met for the benefit of citizens.
Corporate-startup collaboration drives innovation
Internationally, 75% of startups consider partnerships with corporates critically important to their success, with a further 63% anticipating that these relationships will gain even greater importance in the future. In South Africa, however, corporates’ support for entrepreneurs is lacking and must be urgently remedied by the country’s businesses.
AI driving growth and innovation
As artificial intelligence (AI) continues to supercharge every aspect of business and society, South Africa stands at a critical juncture. Rather than fearing job displacement, we can harness AI to drive widespread growth and prosperity. By fostering local innovation, investing in AI education, and creating a conducive regulatory environment, we can empower citizens and businesses alike.
SME financial growth solutions – Old Mutual SMEgo empowers
Small and Medium Enterprises are the cornerstone of the global economy. The 2024 United Nations General Assembly designated June 27 as "Micro, Small, and Medium-sized Enterprises (MSMEs) Day" to raise awareness of their contributions toward achieving the United Nations Sustainable Development Goals (SDGs) - specifically SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation, and infrastructure).
TES and skills development – unlocking rural growth
Rural regions face a double-edged sword: a lack of skilled labour and a constant exodus of talent to urban areas. These challenges are further compounded by limited access to educational and training opportunities, hindering the development of a skilled local workforce, which in turn has a negative impact on economic growth.