Gauteng Finance MEC Mamabolo outlines growth plans for SA’s economic hub

Gauteng's Finance MEC, Jacob Mambola, recently sat down with CNBC Africa to discuss the province's plans for economic growth in South Africa. Mambola highlighted the importance of the province as the economic hub of the country and one of the leading economies in the continent. He emphasized the significant investment of 493 billion rand into the housing economy, which includes budget allocations for employees, goods and services, and infrastructure. Mambola pointed out that this investment has the potential to positively impact the province's economic fortunes by stimulating growth and addressing macroeconomic challenges. He underscored the need to partner with key institutions like the Chatterton Institute of Business Accountants, Sifaro, and Standard Bank to leverage both public and private sector resources effectively. One of the key initiatives is to reduce red tape in municipalities to facilitate direct investments and improve the ease of doing business. Mambola highlighted the importance of building partnerships and innovative strategies to drive economic growth. The province is also focusing on renewable energy projects to enhance the stability of the grid and create a conducive environment for investments. The launch of a state bank and a pharmaceutical company are part of the province's broader strategy to address market failures and stimulate economic development. Mambola emphasized the role of technology and smart solutions in improving healthcare services and enhancing accessibility for vulnerable populations. The province's commitment to nimble and agile decision-making reflects its dedication to driving sustainable economic development and improving the lives of its residents.