Gauteng Provincial Government and Chief Financial Officers of some of the country’s leading corporates today pledged to work together to significantly boost investment in strategic sectors and drive economic growth in the province.
This commitment was made at the launch of the Roundtable Partnership with Private Sector Chief Financial Officers; a ground-breaking private sector led initiative by the business sector to positively contribute to the province’s broader economic landscape.
As a partnership between Gauteng Provincial Treasury, the Chartered Institute of Business Accountants (CIBA), Standard Bank and the Chartered Institute of Government Finance Audit and Risk Officers (CIGFARO), the Roundtable Partnership with Private Sector Chief Financial Officers represents a pioneering effort to bridge the gap between government vision and corporate action.
The Roundtable Partnership with Private Sector Chief Financial Officers is an intervention that comes at the time when government revenue collection is facing a challenging period due to the slow economic performance and a tough fiscal environment.
As such, collaborative efforts to leverage private sector financial and human resources has become crucial to drive sustainable economic growth and job creation. Speaking at the launch, MEC of Finance Jacob Mamabolo said the provincial government will inject a total of R493 billion into the Gauteng economy over the next three years.
“This money represents our contribution to build a better Gauteng. “This partnership creates a common platform for us on how to align our spending priorities. It provides a meeting point for the two sides on how to coordinate investments to bring about sustainable development in our province,” he said.
MEC Mamabolo said this partnership is crucial to “harmonise the public and private purse” by aligning spending.
“The problem currently is that we are fragmented, uncoordinated, not talking to each other about where to put our investments. The private sector is spending its money on priorities that are important in their space and government spends money on priorities that are important to us. We need to coordinate and complement our resources through investing in the same space to achieve a common goal. This roundtable needs to correct this issue of working pass each other with the private sector,” MEC Mamabolo said.
Companies and organizations that have already pledged their support to the initiative include SAGE, Standard Bank; and industry bodies such as the South African Chamber of Commerce and Industry. In addition to CFOs, the launch of the Roundtable Partnership with Private Sector Chief Financial Officers, was attended by MECs, Mayors, MMCs, senior government officials, experts on investments, analysts, and economists.
The Roundtable Partnership with Private Sector Chief Financial Officers is led by the Convenor, Mr. Nicolaas van Wyk who is the CEO of CIBA. Following today’s launch, the Roundtable Partnership with Private Sector Chief Financial Officers will conduct monthly engagements with CFOs from critical economic sectors and industries.
These closed-door sessions will focus on identifying specific actions and strategies each company can take to increase its contribution to the GDP. The subsequent roundtables with CFOs will build upon the launch event, providing a forum for collaborative decision-making.
The Gauteng province is pushing to increase its economic output to R2 trillion.
INFO SUPPLIED.
