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Half a Decade of Clean Audit Reports

The Coega Development Corporation (Coega) is pleased to announce the receipt of yet another clean audit report from the Auditor-General of South Africa (AGSA) for the financial year 2023/2024, marking five consecutive years of exemplary financial integrity, accountability, and good governance. Mr. Rodger Hill, Chief Financial Officer of Coega, underlined the significance of this outcome […]

The Coega Development Corporation (Coega) is pleased to announce the receipt of yet another clean audit report from the Auditor-General of South Africa (AGSA) for the financial year 2023/2024, marking five consecutive years of exemplary financial integrity, accountability, and good governance.

Mr. Rodger Hill, Chief Financial Officer of Coega, underlined the significance of this outcome as a testament to Coega’s steadfast dedication to transparency and the responsible management of public resources.

“Coega’s stringent financial controls, efficient processes, and committed team have played a pivotal role in securing five consecutive clean audit reports, underscoring our reputation as a reliable partner for investors, stakeholders, clients, and communities.

Coega’s adaptability, responsiveness, and institutional proficiency empower the organisation to develop Special Economic Zones and implement essential infrastructure projects that drive our financial sustainability. Our robust framework of systems and processes ensures sustainable project execution, while a culture of innovation and continuous enhancement reinforces Coega’s esteemed brand reputation,” said Hill.

During the financial year, Coega received a Level 1 B-BBEE rating and achieved a total SMME procurement spend of over R1 billion allocated across the organisation’s diverse infrastructure development portfolio. Moreover, Coega recently received approval for the Coega Solar Rooftop programme, which is its first limited recourse capital transaction in support of the renewable energy project pipeline.Coega Special Economic Zone (SEZ) currently has 60 Operational Investors, with a total investment value of R12.3 billion, providing a total of 10 154 jobs.

In addition to these endeavours, Coega is actively engaged in government infrastructure projects both in South Africa and across the continent.

“To date, Coega has attracted 60 operational investors with a total investment of R12.3 billion. This impressive growth has led to the creation of 10,154 cumulative operational jobs, with ongoing efforts to champion socio-economic development and employment opportunities,” Hill concluded.

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  1. Fast growing economy: Harvard’s Centre for International Development (CID) has estimated that the three fastest-growing economies until 2026 will be India, Uganda, and Egypt, growing at 7.89%, 7.46%, and 6.63% respectively. South Africa is projected to grow at 4.9% annually until 2026. This is an indication that the socio-political sphere will eventually stabilise and thus there is no reason to fear to have to start a new business.