Driving small business development in SA

As we approach the end of 2022, small businesses in South Africa continue to face challenges stemming from the aftermath of the COVID-19 pandemic, economic woes, and external factors such as inflation and power cuts. CNBC Africa's Fifi Peters sat down with the Minister of Small Business Development, Stella Ndabeni-Abrahams, to discuss the state of small businesses in the country and the initiatives being undertaken to support their growth. The Minister acknowledges the difficulties faced by entrepreneurs but expresses optimism about the progress being made in providing support and opportunities for small businesses. She points out the importance of access to markets and the need for collaboration between government, big corporations, and smaller enterprises. The Minister highlights initiatives like the GEC Plus Africa conference and the two billion rand credit guarantee support to de-risk entrepreneurs. She emphasizes a coordinated approach through the NISET master plan to enhance and coordinate all initiatives for small business development. Minister Ndabeni-Abrahams also addresses recent changes in procurement legislation and assures that efforts are being made to ensure small businesses are not excluded from government contracts. While acknowledging initial concerns and confusion among small businesses, the Minister clarifies the government's commitment to fostering the participation of entrepreneurs in the economy. The ongoing dialogue with National Treasury aims to address gaps in the legislation and create more opportunities for small and medium enterprises in the procurement process. Small businesses are encouraged to engage with the government and participate in shaping policies that support their growth and sustainability.