Thabo Bodibe
Gauteng Finance MEC Lebohang Maile has made revenue enhancement a top priority for the provincial government.
Addressing the media at the Gauteng Infrastructure Financing Agency (GIFA) on Sunday, 14 July 2024, MEC Maile outlined the province’s plans and challenges.
“Gauteng had the worst economic contraction of all provinces in 2020 – the impact of which continues to be felt across most industries. Particularly impacted is infrastructure maintenance and development.
“Due to the pandemic, several infrastructure projects ran over the prescribed delivery time, with significant cost overruns. Besides manufacturing, other industries that have not recovered post-COVID include construction, tourism, agriculture, retail and wholesale trade, and domestic services,” said MEC Maile.
According to Census data, Gauteng’s population was just over 15.1 million in 2022, making it the largest province by population size and density.
“Gauteng has the biggest provincial economy in South Africa and the fourth biggest economy in Africa. Gauteng’s Gross Domestic Product (GDP) is currently at just over R2.4 trillion. The economy has tripled since 1994, when it stood at R710 billion,” said the MEC.
The provincial government plans to collect revenue, establish a provincial state bank, and tackle the challenges faced by youth, women, and people with disabilities.
Maile added that Gauteng plans to contribute to the Clothing, Textile, Leather and Footwear (CTLF), electronics, aerospace and construction sectors.
These interventions, he said, will mitigate Gauteng’s economy by focusing on the provincial fiscus, ensuring transparency and accountability to improve the living conditions of the residents.
SOURCED FROM THE GPG WEBSITE.
