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Introduction Carbon offsetting has emerged as a vital strategy in the global effort to reduce greenhouse gas emissions and mitigate climate change. By definition, carbon offsetting involves compensating for carbon dioxide emissions produced by human activities by funding projects that reduce or remove an equivalent amount of greenhouse gases from the atmosphere. This article delves …
All systems go for Eastern Cape Presidential Imbizo
It is all systems go for the District Development Model (DDM) Presidential Imbizo, which is set to be held in Instika Yethu Local Municipality in the Chris Hani District in the Eastern Cape on Friday.
This is according to Cooperative Governance and Traditional Affairs (COGTA) Minister Thembi Nkadimeng, who was briefing media ahead of the imbizo.
“All the Ministers will be here. They will be able to account on issues that are raised on human settlements, water and sanitation, health, education, societal ills and crime.
“We are confident that the ninth imbizo will yield the positive results that we have seen in the last eight izimbizo. The main objective is to ensure that our communities are tomorrow afforded the opportunity to speak to the President.
“In a nutshell, tomorrow we will strengthen a partnership with citizens in order to deal with issues affecting their daily lives, as imbizo is a tool of development communication to bridge the information gap and address service delivery backlogs in rural areas,” Nkadimeng said.
Honing in on the challenges the Eastern Cape is facing, the Minister said government is already focused on implementing and finding solutions to the water challenges in the province.
“We are looking strongly into the improvement of our disaster management assessment teams at COGTA and also in the province because we know now that KZN and Eastern Cape are more disaster prone in terms of floods… and some areas like Gqeberha are disaster prone in terms of drought.
“[There is] a water and waste water treatment project… that services both the Amathole and Chris Hani [Districts]. The project is currently running and servicing two districts. I would want… the Eastern Cape government, COGTA and the Department of Water and Sanitation to do a replica of such projects in all the areas in the Eastern Cape that have a problem of water provision and sanitation,” she said.
Izimbizo present an opportunity for South Africans from all corners of the country to voice out the challenges they have directly to the President and Cabinet, with a view to tackle them head on.
Thus far, the President has visited all provinces, with the Eastern Cape imbizo expected to be the last in this round.
“These series of interactions and engagements brought communities closer to the President and the entire leadership across the three spheres, and also ensured that their issues are made known.
“As reflected earlier, the successful institutionalisation of the DDM compels us to collaborate with key strategic stakeholders, including traditional and Khoi-San leaders, as well as business and civil society at large in planning, budgeting and implementation, as well as monitoring and evaluation.
“The DDM Presidential Izimbizo are a practical expression of community centred development that is rooted on active public participation and accountability. President is committed to continuing to build an ethical, capable and developmental State that delivers on its mandate and is corruption free at every sphere,” Nkadimeng said.
She called on citizens in the Eastern Cape to attend tomorrow’s imbizo and have their voices heard.
“We call on all communities of the Chris Hani District to come and interact directly with President Ramaphosa, who will be accompanied by public representatives from national, provincial and local government in keeping with the principles of the DDM.
“Transport and related logistical arrangements have been finalised to ferry communities from various areas to ensure that no one is left behind in the transformation journey of our country,” she said. – SAnews.gov.za
NeoB
Thu, 08/10/2023 - 10:44
Introduction Withholding tax is a common yet often misunderstood aspect of taxation. It involves the deduction of tax at source on various types of income, such as dividends, interest, and royalties. The question of whether withholding tax can be reclaimed is complex and depends on various factors. This article aims to explore the concept of …
SA ready to host BRICS Summit
It's all systems go for the 15th BRICS (Brazil, Russia, India, China and South Africa) Summit, which will be held in Johannesburg later this month.
Taking place from 22 to 24 August, government has indicated that it has concluded the BRICS outreach programmes for various sectors and communities.
“Cabinet was apprised that it is all systems go in terms of South Africa’s readiness to host the 15th BRICS Summit. The last of the BRICS Ministerial Meetings – the BRICS Ministers of Agriculture Meeting – is currently underway, while the Ministerial Meetings of Foreign Affairs, Security, Trade, Industry, Education, Science, Labour, Communications, Health, and Urbanisation Forum have concluded their reports for the Leaders’ Summit.
“These engagements provided governments, organisations, experts and academics from the BRICS nations an opportunity to discuss issues of mutual interest that will enable informed decision-making during the BRICS Summit,” Minister in The Presidency, Khumbudzo Ntshavheni, said on Thursday.
She was addressing a media briefing in Pretoria on the outcomes of the Cabinet meeting held on Tuesday.
Russia-Africa Summit
Meanwhile, President Cyril Ramaphosa and Russian President Vladimir Putin recently held a bilateral meeting and discussed opportunities to increase trade between the two countries, and for the Russian Federation to increase investments in South Africa.
This meeting took place during the Second Russia-Africa Summit in St. Petersburg, Russian Federation, on 27 and 28 July 2023. Ramaphosa was amongst other African leaders who attended the summit.
“This summit adopted the Russia-Africa Partnership Forum Action Plan, which focuses on strengthening cooperation in areas of politics and security, economics, humanitarian matters, and interests of mutual benefit and prosperity.
“On the sidelines of the summit, African Heads of State and Government, who are part of the African Peace Initiative on the conflict between Russia and Ukraine, held follow-up talks with President Putin on the previously discussed confidence-building measures that will create conditions for a negotiated settlement to ending the war,” Ntshavheni said.
Security in Niger
Cabinet also has noted the impact the security situation in Niger is having on air travel between South Africa/Southern Africa and Western Europe, with negative implications for business and individuals alike and the airline industry, which is just starting to recover from the devastating ravages of the Coronavirus (COVID-19) pandemic.
“Cabinet reiterated government’s condemnation of the coup in Niger and the call for the speedy restoration of a democratic order, and also noted the initiative to restore normality under the Economic Community of West African States,” the Minister said. – SAnews.gov.za
nosihle
Thu, 08/10/2023 - 11:47
Introduction In the realm of electrical systems, distribution boards play a vital and often under-appreciated role. Serving as the hub for electrical distribution within a building or structure, these boards ensure that power is safely and efficiently allocated to various circuits. This article delves into the concept of electrical distribution boards, exploring their essential functions, …
The African filmmaking community is abuzz with anticipation as the FAME Film Shorts Festival, a prestigious addition to FAME Week Africa 2023, built by RX Africa, takes centre stage. This eagerly awaited event is dedicated to celebrating the innovation, creativity, and exceptional talent of the finest independent filmmakers from across the continent. Our aim is …
Finance Minister welcomes Cabinet approval of DG appointment
Minister of Finance Enoch Godongwana has welcomed Cabinet’s approval of the appointment of Dr Duncan Pieterse as the new Director-General of the National Treasury for a period of five years.
Pieterse is currently the Deputy Director-General of Asset and Liability Management.
“The Director-General provides strategic leadership to the department, guides its organisational structure, and manages a team of experts who handle various aspects of financial management, economic analysis, and policy formulation. He or she is central to shaping the fiscal policies, economic direction, and financial stability of the country,” the Minister said on Thursday.
Pieterse joined the department in 2013 and has worked in various positions for the last 10 years. Pieterse served as a Deputy Director-General of Economic Policy and later Deputy Director-General: Asset and Liability Management.
Dr Pieterse has a Bachelor of Business Science, Master’s in Public administration from Harvard University and a Doctor of Philosophy, amongst others.
“I believe Duncan has more than enough experience, expertise, and chutzpah to make a success of this new challenge,” Godongwana said.
The Minister met with top management and staff of the National Treasury to inform them of the appointment of Dr Pieterse as Director-General of the department.
National Treasury said top management and staff welcomed the appointment of Dr Pieterse and to bringing certainty to the leadership of the Treasury.
Acting DG Ismail Momoniat also welcomed the appointment of Dr Pieterse, especially the fact that the baton of leadership is now moving to a younger generation.
Godongwana has thanked all those who had applied for the position and commended the Acting Director-General for his leadership.
“As a true and dedicated servant of the department and the country, he further mentioned that he will continue to serve the department for at least a year to ensure a smooth transition and oversee several key projects that will strengthen the governance and anti-corruption system; modernising the procurement system, and overseeing the process to get our country out of grey listing,” the Minister said. – SAnews.gov.za
nosihle
Thu, 08/10/2023 - 15:10
Introduction Logistics is a term that encompasses the complex process of planning, implementing, and controlling the efficient flow and storage of goods, services, and related information from the point of origin to the point of consumption. It plays a vital role in supply chain management, ensuring that products reach consumers in a timely and cost-effective …
NOVACOM Summits (https://NOVACOMSummits.com) is proud to announce its first-ever African edition of the Digital Transformation Strategy Summit, an exclusive networking and business opportunity for Africa's telecommunications leaders. This prestigious event is set to take place at the esteemed Le Franschhoek Hotel & Spa in Cape Town, South Africa, from 5th to 7th September.
The summit intends to foster strategic relationships among executive decision-makers from leading African telecommunications companies and solution providers. This event will be held in a five-star, world-class setting in the Cape Winelands.
The digital transformation journey in Africa has gained immense momentum and presents a remarkable setting to connect people, representing a US$100 billion opportunity for the continent. NOVACOM Summits, with its extensive experience and customer base in the industry, has recognised the potential and value in this transformation and has taken the initiative to create a platform for industry leaders to connect, collaborate, and drive this crucial change.
We are delighted to announce Juliet Ehimuan as the Summit's keynote speaker. Renowned for her impactful contributions during her 12-year tenure as the Director of Google West Africa, Juliet played a pivotal role in introducing Google products, such as Google Maps and YouTube, to the region, revolutionising digital access. Additionally, she was instrumental in the success of the Equiano subsea fibre capacity cable project along the West Coast of Africa, a landmark digital infrastructure endeavour.
With her extensive experience and influence in the African telecom landscape, Juliet is now actively involved in guiding enterprises and telcos on their digital transformation journeys, perfectly aligning with NOVACOM's vision and purpose.
South African born and raised, Founder of NOVACOM Summits, Ryan Anderson says: "We are thrilled to host the inaugural African edition of the Digital Transformation Strategy Summit, bringing together the brightest minds and visionaries in the telecom industry. This gathering's core ambition is to facilitate digital transformation in Africa through the unique opportunity to connect the continent's leading telcos with innovative solutions providers, so we can connect the next 1 billion people. We are honoured to have Juliet Ehimuan as our keynote speaker, who embodies the spirit of innovation and progress that drives our industry forward.”
NOVACOM Summits will host a range of activities during the event, including pre-qualified one-on-one business meetings, in-person networking opportunities, and peer-led round table discussions. Thought-provoking workshops covering a variety of topics, from Building resilience during a power crisis and to how to monetise 5G, to raising cell towers in space, will enrich the debate around the continent's most ambitious industry projects. Our goal is to foster meaningful connections and collaborations among attendees while connecting the course for the telecom industry's future in Africa.
To request an invite to join us at the Le Franschhoek Hotel & Spa in Cape Town for a transformative experience that will shape the future of connection in Africa, please email invite@novacomsummits.com.
Distributed by APO Group on behalf of NOVACOM Summits.
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Cheryl Naidu
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About NOVA SUMMITS Limited:
NOVA SUMMITS LIMITED is the organiser of the NOVACOM Africa - Digital Transformation Strategy Summit series. These exclusive invite-only telecom specific events for Sub-Saharan industry leaders bring together executive level decision makers, business leaders and policy makers with industry solution providers in first class luxury settings. Our belief is that connection is paramount to the digital transformation journey, and these summits provide a collaborative platform to accelerate this process. For more information on NOVA SUMMITS Limited and the FUTURE OF CONNECTION visit: https://NOVACOMSummits.com
National Women's month in South Africa is both an opportunity to honour and celebrate the women who decided on the 9th August 1956 that the participation of women in the economy was not only the right thing to do but the only thing to do to build and grow the economy of this beautiful country. Today society has taken that even further to insist on addressing gender inequality and diversity in the workplace, in particular female representation in key, decision-making, leadership positions. This month, therefore, as KFC Africa (www.global.KFC.com) we take a moment to ask the question, “who is seated at your table”?
While efforts to address gender inequality in the workplace have boosted female representation at every level within organisations, the reality is that we are far from being fully representative and as organisations we have to continue to create an environment and culture where all voices are heard, respected, and valued, where the table is big enough for all.
Championing inclusivity and better representation is in fact good for business. Numerous reports (https://apo-opa.info/47uDTZp) comprehensively show that inclusive organisations that boast the greatest gender, ethnic and cultural diversity achieve better commercial returns and are more profitable than their less diverse counterparts. Moreover, more diverse teams tend to exhibit greater complexity in problem-solving and are more innovative.
Yes, the gender gap continues to close globally, with the World Economic Forum's 2023 Global Gender Gap Index (https://apo-opa.info/3YtKbo1) report showing a 0.3 percentage points improvement compared to 2022, which represents a 68.4% in terms of closing of the gap. At this rate of progress, however, it will take 131 years to reach full global parity. In South Africa, where 51% of the Economically Active Population is female, the gap is even wider as women comprise of only 40% (https://apo-opa.info/3s3fdqW) of directorships at state-owned entities, with just 36.7% representation in the professional services industry and only 26.9% of directorship positions at JSE-listed entities. From a broader continent perspective, while sub-Saharan Africa has closed 67.9% (https://apo-opa.info/3OxDoVZ) of its gender gap, it also means that 32% of females on average are less likely to have the same opportunities as males in the region – with individual country performances varying greatly.
As a result of these disappointing stats, KFC Africa has some bold ambitions when it comes making a seat at the table for women.
“Female empowerment is about engraining true transformation into the core of the organisation, and it must be driven throughout the value chain and embedded into the social fabric of the business to ensure it lasts,” explains Akhona Qengqe, the recently appointed first female General Manager for Africa at KFC. “As a people-first business, KFC Africa is committed to becoming the most inclusive organisation in the traditionally male-dominated Quick Service Restaurant (QSR) sector and across sub-Sahara Africa, and to actively advocating for allyship in every sphere within the business. As a customer facing business, it is important that our employees, stakeholders and franchise partners reflect the communities that we operate in.”
KFC has placed women at the forefront of its socially led initiatives and its hiring processes. For example, KFC Add Hope has a 60% female volunteer complement and 90% of the Add Hope beneficiary organisations, which KFC work with, are championed by women. Not to mention that KFC Mini-Cricket boasts a female volunteer community of 70%. In fact, today the organisation employs over 40,000 people across 23 markets in sub-Saharan Africa in over 1250 restaurants and 60% of those restaurants are managed by women. This is testament to the brand's commitment to female transformation.
“Giving women leadership opportunities to drive some of the core aspects of the overall business and bringing them into key decision-making roles ensures that their voices and views are represented in a meaningful and impactful way,” continues Qengqe.
But more than simply aiming to meet representation targets, Qengqe explains that KFC is intentional about how it creates an environment where women feel like they belong and can contribute meaningfully at a decision-making level.
“Gender equality at corporate level means understanding issues that women face, be it gender-based violence, single-income households, women-led households and family responsibility, and truly dig deep to ensure that the company provides support mechanisms that speak to real-life issues,” explains Nolo Thobejane, Chief People and Transformation Officer at KFC.
In this regard, KFC Africa develops, empowers and emboldens women to leverage their innate leadership qualities and take their seat at the table - with the confidence - to lead with impact and fuel results. KFC achieves this through its Women on the Move Program, which aims to build leadership know-how and equip women with the tools and resources that will accelerate the growth of female talent into meaningful leadership roles.
Conceptualised by Qengqe and launched in 2021, this transformative 12-month programme adopts a blended learning approach that includes formal training courses, personal development interventions, mentorship and peer learning circles, all of which results in bench readiness for leadership and drives a high-performance culture within the organisation.
“We have extended the reach and impact of this initiative even further through our Women on the Move Extended Network (WOM.EN) programme, which brings women across the globe together, at all levels, and affords them the opportunity to share experiences, learnings, challenges and create growth networks in the workplace,” elaborates Thobejane.
In the end, rather than rising into leadership roles in isolation, KFC's approach to female allyship creates powerful advocates for true upliftment. This process gives women the opportunity to achieve their goals, and creates a virtuous cycle of support, where women can pull up more chairs to make room for more female voices at the table.
“We understand the unique perspective and values women bring to our company and are bold in our ambitions to create opportunities for more inclusion, equity and belonging. Our commitment to advance more women into senior roles and achieving greater gender parity in senior leadership, globally, by 2030 is stronger than ever and we will continue to make fundamental steps to become the most inclusive brand in SA,” concludes Qengqe.
Distributed by APO Group on behalf of KFC Africa.
What are Annual Financial Statements? Annual financial statements are comprehensive reports that companies prepare at the end of their fiscal year to summarise their financial performance over the past 12 months. These statements typically include a balance sheet, income statement, cash flow statement, and notes to the financial statements. Annual financial statements are …
Tourism sector shows signs of recovery
Cabinet has commended recent statistics which show that the tourism sector is slowly but surely recovering from the devastating effects of the COVID-19 pandemic.
According to June 2023 data from Statistics South Africa (Stats SA), the volume of arrivals, departures and travellers in transit increased for both South African residents and foreign travellers between June 2022 and June 2023.
For South African residents, the volume of arrivals increased by 265 364 in June 2022 to 316 628 in June 2023 (19.3%). Departures increased by 330 327 in June 2022 to 384 972 in June 2023 (16.5%). Transits increased from 305 in June 2022 to 389 in June 2023 (27.5%).
For foreign travellers, arrivals increased from 581 375 in June 2022 to 851 647 in June 2023 (46.5%). Departures increased by 44.3% from 503 997 in June 2022 to 727 207 in June 2023 (44.3%). Transits increased from 24 624 in June 2022 to 30 730 in June 2023 (24.8%).
At a media briefing on the outcomes of Tuesday’s Cabinet meeting, Minister in The Presidency, Khumbudzo Ntshavheni, said Cabinet also welcomed Stats SA’s report of a drop in consumer inflation from 6.3% in May to 5.4% in June 2023, which is the largest decline since May 2020.
“This drop shows the resilience of our economy, which has been further buoyed by the South Africa Reserve Bank’s decision to leave the repo rate unchanged at 8.25%," she said on Thursday.
National Development Plan (NDP) Ten-Year Review
In addition, Cabinet welcomed the Ten-Year Review of the National Development Plan (NDP) by the National Planning Commission, which shows that the economy remains structured in a manner that does not serve the interests of all South Africans, which is a major reason behind increasing levels of poverty and inequality.
“Government remains committed to restructuring and transforming the economy to serve the interests of all South Africans,” Ntshavheni said.
Meanwhile, 25 July marked the first anniversary since President Ramaphosa announced the Energy Action Plan.
“Cabinet welcomed the progress made to date to implement the Energy Action Plan, which continues to register an improvement in the Energy Availability Factor and improvement in the stages of load shedding,” the Minister said.
Financial Inclusion Policy
Cabinet has approved the Financial Inclusion Policy for implementation.
The policy forms part of government’s reforms of the financial sector regulations, in line with the Twin Peaks model of National Treasury.
“The policy, amongst others, aims to ensure better market conduct and the treatment of customers in the financial sector. The purpose is to ensure that financial institutions conduct business in ways that are fair to customers, prevent practices that undermine the integrity of financial markets, and build confidence in the financial system.
“The implementation of the policy will ensure that the country strengthens its financial systems to support economic growth and promote access to financial services and financial inclusion for all citizens. It is an acknowledgment that while levels of access have improved in transactional accounts, this has not reflected across many other financial products and services,” the Minister said.
The policy is available on the National Treasury website: www.treasury.gov.za
Cabinet also approved the submission of the draft Amendment Bill to Parliament, which amends the Regulation of Communications and Provision of Communication-related Information Act (RICA), 2002 (Act 70 of 2002).
“The amendments are largely to provide adequate safeguards to protect the right to privacy, as buttressed by the rights of access to courts, freedom of expression of the media and legal privilege in line with the 2021 Constitutional Court judgement that found the RICA of 2002 to be unconstitutional,” Ntshavheni said. – SAnews.gov.za
nosihle
Thu, 08/10/2023 - 12:03
The majority of businesses that are looking to scale in any meaningful way will look to raise funding at some point. An accurate valuation not only determines the financial standing of a business but also impacts its credibility, negotiation power, and overall success. Make this the starting point of any funding effort. What is …
Mergers & Acquisitions (M&A) are often the most effective way for companies to transform their businesses, whether through acquiring or divesting of businesses or subsidiaries, acquiring technology or supply chains, investing in new product lines, or entering or exiting markets. What is a corporate acquisition? An acquisition is defined as a corporate transaction where …
Recognised as one of the leading business schools for its focus on sustainability and ethical leadership, Rhodes Business School (www.RU.ac.za/BusinessSchool/) has entered into a partnership with eLearnAfrica to develop a Virtual Learning Environment (VLE), to fulfil the School's goal of enabling its AMBA accredited MBA to reach into Africa and beyond, like never before.
Professor Owen Skae, Director of Rhodes Business School, says that the eLearnAfrica supported VLE will be operational from 2024. “We are very excited about this as it means our MBA is now more accessible than ever”.
Founded in 2000, Rhodes Business School's Vision is to “transform business for a sustainable world” and its Mission is to “educate and influence responsible business practice, responsibly”.
Says Skae, “We learnt two things from teaching through the pandemic. Returning to the old ‘business as usual model' of ‘chalk and talk' is not going to happen like it used to. At the same time, running Zoom or Teams sessions and just displaying your power-point slides does not suffice. Students and lecturers want the best of both the digital and the physical teaching world. ‘Phygital' is key! The digital or virtual mode provides convenience and flexibility. The physical mode provides the immersion and human engagement that we still need. We know that our students still value the opportunity to come to Rhodes University, given that it is such a unique and special institution.”
The common denominator is having the necessary technology enablement to provide the best teaching and learning experience for students whilst creating a virtual classroom environment for academic staff to deliver effectively and efficiently, regardless of the mode of delivery.
”Getting the state-of-the-art VLE platform that was needed required partnering with someone who knows what they are doing. Students need the right balance of synchronous and asynchronous interaction that only a top-class VLE can bring. That partner is eLearnAfrica” Prof Skae said.
The VLE will provide the full suite of synchronous and asynchronous teaching and learning applications to ensure that the Rhodes Business School MBA continues to be the transformative experience it is renowned for. The partnership with eLearnAfrica brings, immersion, flexibility and convenience.
The VLE-enabled MBA will allow the current four two-week block attendances (i.e. two blocks in Year 1 and two blocks in Year 2) to be reduced to one block in each year (i.e. one block in each of Year 1 and Year 2), for the invaluable face-face delivery mode.
The Rhodes Business School's s essence is “Leadership for Sustainability.” Leadership and sustainability principles underline all subjects in the curriculum. Emphasis is placed on business continuity and achieving a balance between economic, social and environmental sustainability. The School applies its unique 4E (Economy, Ethics, Ecology and Equity) model in its teaching and learning practice.
“Management Education is crucial to unlocking Africa's vast potential. Our MBA strives to educate Africa's future business leaders and managers that it ‘isn't about how much money organisations make, but how they make their money'. Getting that right is critical to achieving the African Union's Agenda 2063, whilst simultaneously meeting the Sustainable Dvelopment Goals and gearing up to take advantage of the African Continental Free Trade Area agreement. The favourable rand-dollar exchange is also a compelling reason to get full value for money in studying for a world class MBA”, says Skae.
The Rhodes MBA is a coursework degree comprising coursework and a research assignment. The degree is offered on a part-time, modular basis over two years.
The admission requirements are, an Honours degree or Postgraduate Dipploma, a minimum of three years' work experience and an admission test such as NMAT, GMAT or GRE. Applications close on 31st October 2023.
Rhodes Business School, Rhodes University is located in the rural city of Makhanda (formerly Grahamstown) in the Eastern Cape province of South Africa. Its nearest large city is Gqeberha (formerly Port Elizabeth).
Distributed by APO Group on behalf of Rhodes Business School.
For more information on how accessible a Rhodes Business School MBA is, email mba@ru.ac.za or visit www.RU.ac.za/BusinessSchool
With school tours back on the annual planner, South African schoolchildren can once again look forward to a fun, educational outings that reinforce what’s learnt in the classroom. With an abundance of nature-based, cultural, and animal-friendly establishments along the KZN South Coast, there is no shortage of outing options for KZN schools! “It is wonderful …
Government launches loan to invest in solar equipment
The National Treasury has launched the Energy Bounce Back Loan Guarantee Scheme (EBB) - an initiative aimed at alleviating the impact of continuing difficulties resulting from unreliable power supply for small businesses and households.
This follows President Cyril Ramaphosa’s commitment in his 2023 State of the Nation Address to adjust the bounce-back loan scheme (BBS) to enable small businesses to invest in solar equipment. Minister of Finance Enoch Godongwana has provided detail on the adjustment of the Bounce-Back Loan Scheme.
“The EBB aims to generate 1000MW in additional generation capacity as well as facilitate resilience to loadshedding for micro and informal businesses. Resilience measures include power storage assets without generating capacity, like batteries and inverters. The EBB is a complementary intervention to the tax measures announced in the 2023 Budget Speech. Applicants may therefore apply for both tax and EBB measures,” the National Treasury said on Tuesday.
Pricing of the loans will be capped at the repo rate (at the commencement of the loan) plus a maximum of 6%.
Households and Small and Medium Enterprises (SME’s) will have the option of approaching any participating bank. Participating banks, Development Finance Institutions and non-bank SME finance providers will compete subject to the product terms, conditions, and pricing cap. The EBB will be available until 30 August 2024.
To facilitate investments, government will, through a government guarantee administered by the South African Reserve Bank, assume the initial losses (20%) with finance providers assuming the risk for remaining losses for SME’s and households’ rooftop photovoltaic solar investments (rooftop solar). The EBB will operate through three mechanisms.
The loan guarantee for rooftop solar for SMEs and households’ investment facilitates loans to SMEs and households for investments related to rooftop solar generated energy.
This investment includes solar panels, batteries, inverters, and other installation related costs.
Loan guarantee for rooftop solar for Energy Service Companies (ESCOs) facilitates loans to ESCOs who provide leasing, instalment sale, and power purchase contracts to SMEs and households.
“This mechanism will allow businesses and households to switch to ESCO service providers for more reliable and cleaner energy without the need for loans to finance the full upfront costs of rooftop solar equipment themselves.
Support from the EBB, which will be provided to the ESCOs to enable them to scale up and expand leasing services to households and small businesses, will require ESCOs to assess the individual need of households or businesses, the implementation of a suitable solution, and the conclusion of a leasing, instalment sale, and power purchase contract between the ESCO and applicant,” National Treasury said.
Working capital loans for businesses in rooftop solar supply chain will facilitate working capital loans for those businesses that supply rooftop solar to meet increased demand.
“This mechanism will increase the supply of rooftop solar solutions allowing businesses to source rooftop solar equipment with minimum delays.
“An additional mechanism will be concluded with the Industrial Development Corporation (IDC) to facilitate new ESCO entrants, as well as scale up existing ESCO’s through a mezzanine finance instrument.
“The IDC and National Treasury will provide details of this instrument once concluded. Participation in the EBB will be facilitated through commercial banks on an opt-in basis. Non-bank finance providers, including wholesale retailers who provide lending products to SMEs for EBB eligible related loans, can access the scheme through participating commercial banks,” National Treasury said.
Participation through commercial banks will be subject to basic requirements, such as tax compliance and adherence to other legal and regulatory requirements.
Any business borrowing under the EBB will be expected to meet the participating bank’s specific requirements, be registered with the Companies and Intellectual Property Commission or be registered for Value Added Tax in terms of the Value Added Tax Act, 89 of 1991 with the South African Revenue Service.
Eligible businesses must have a maximum turnover of R300 million. DFI’s and non-bank lenders, which include wholesale retailers offering credit products servicing informal traders, can also access the scheme through a commercial bank up to a maximum of R300 million per entity.
The maximum amount a business can borrow is R10 million. Businesses can also borrow a maximum of R30 000 through the scheme, for resilience measures.
This is to enable access for micro, informal businesses that may require portable batteries or similar equipment to these assets.
For households, a maximum loan amount, for the purchasing of rooftop solar, will be R300 000 per household.
For the leasing mechanism, prospective customers would also need to comply with the requirements set out by participating banks and the ESCO providing the leasing service.
Businesses in the rooftop solar supply chain, those importing batteries, investors and panels will be able to borrow up to R100 million for working capital to ensure that wait times are reduced. Installers can borrow a maximum of R100 million. – SAnews.gov.za
nosihle
Thu, 08/10/2023 - 09:51
Government committed to advancing the lives of women
President Cyril Ramaphosa has used his address at the Women’s Day event to encourage all sectors of society to advance and improve the lives of the women and girls of South Africa.
“We must mobilise all of society to support the women of our country on their road to empowerment and the improvement of their lives. As government, we are irrevocably committed to continuing the process of advancing and improving the lives of the women and girls of South Africa,” the President said on Wednesday in Pretoria.
He was addressing the commemoration of Women’s Day, which is being celebrated under the theme, ‘Accelerating Socio-Economic Opportunities for Women’s Empowerment’.
This theme highlights the need to ensure that all women have access to participate equally in all areas of human endeavour.
“We call upon other key role players who control resources and can open opportunities for women to do so. Business is well placed to play a key role in this process of helping to improve the lives of the women of South Africa,” Ramaphosa said.
The President outlined a number of areas that government and the private sector can address to advance and improve the lives of women.
He emphasised the importance of increasing the representation of women in all structures of society.
“Women must be well represented in key positions in government, in management, in the judiciary. The representation of women in decision-making structures continues to improve.
“In Cabinet, half of the Ministers are women. In Parliament, in the judiciary, in the public service, in the armed forces, in the police and in many local councils, we are getting closer to gender parity,” Ramaphosa said.
Acknowledging these gains, he said more needs to be done to achieve a society of true gender equality.
“There must be policies and laws that focus and advance the lives of women. Our laws and policies must have a bias towards improving the lives of women.
“Since the advent of democracy in 1994, we have put policies and laws in place to empower women, improve their lives and advance gender equality,” the President said.
While he called for the prioritisation of the advancement in education, he noted some achievements in that area.
This, as more female learners sit for matric than males. Female learners are achieving more Bachelor’s passes.
In addition, young women make up the majority of students enrolled in higher education institutions.
The President expressed concern on girls dropping out of school, often due to domestic responsibilities.
“As a society and as families and as a nation we must ensure that our girls stay at school and finish school. Women’s health outcomes continue to improve as a result of progressive policies around reproductive health, antenatal care, HIV/Aids and other communicable diseases.
“Even though women’s health outcomes have improved by a number of indicators, women still carry the largest share of the burden of HIV and are more vulnerable to sexually transmitted diseases.
“Despite our laws, women and girls in many parts of the country still struggle to access reproductive health services,” the President said.
Equal representation in the economy
He called for the participation of women in the country’s economy to be improved.
“Our economy remains dominated by men. More women are unemployed than men. Women are more likely to work part-time, unskilled and semi-skilled jobs and for lower pay. Women are disproportionately responsible for unpaid care work.
“As a result of all these factors, women are more vulnerable to poverty, food insecurity and hunger. Even today, nearly three decades after the dawn of democracy, the face of poverty is a black women.
“The emancipation of women therefore cannot be achieved without economic empowerment. Women must also be breadwinners. They must have equal job opportunities and equal pay. They must be able to start, own and manage businesses,” the President said.
He said women need to have the financial security and independence to have control over their lives.
“We are determined to make the most of available resources to make a difference in the lives of young women, women with disabilities, rural women and LGBTQI+ women. We are making a difference in the lives of women in Small, Medium and Micro enterprises (SMMEs), in cooperatives and in the informal sector,” the President said.
Among other things, government is supporting women’s economic empowerment through public procurement.
Government has made a commitment to allocate at least 40% of public procurement to women-owned businesses.
“While government departments are working in earnest to award more contracts to women-owned businesses, we need to do much more. As things stand, less than a third of the companies listed on the government’s central supplier database are women-owned.
“We have trained more than 6,000 women entrepreneurs to take part in public procurement opportunities. The success of this programme has convinced us of the need to train many more entrepreneurs in their thousands.
“The African Continental Free Trade Area will give women-owned businesses in South Africa and across the continent access to new markets and opportunities. We are working with partners on opportunities for women’s employment and entrepreneurship in agriculture, manufacturing, technology, the oceans economy and others,” the President said.
He also mentioned that the green economy presents immense potential for women’s entrepreneurship and empowerment, especially in renewable energy.
“In a number of cities and towns there are many women who are established as green entrepreneurs working in recycling, in greening, in climate-smart agriculture and a number of other avenues.
We call on the business community to support women’s economic empowerment by partnering with small businesses as part of their green economy plans. There is also immense opportunity for young women in public employment initiatives,” the President said.
Presidential Employment Stimulus
Since it was established in 2020, the Presidential Employment Stimulus has provided work and livelihood opportunities to more than 1.2 million people. Of the participants in the programme, more than 60% are women.
The President has reiterated that the just transition to a low-carbon, climate resilient society protects the interests of women, as it does for all those affected, and that it offers opportunities for women workers and women-owned businesses.
Government is supporting women-owned businesses to expand and diversify. We are specifically increasing our support for women-owned SMMEs through the National Empowerment Fund, the Small Enterprise Finance Agency and others.
“Working with the financial services sector, we are looking to close the gender gap so that women can access banking services and credit for their businesses.
“As a country, we have the right policies and programmes in place. Led by the women of our country, we continue to develop policies that will advance their interests.
What we need now is to intensify the collective efforts of all social partners, including business, to do more to financially empower women,” the President said. – SAnews.gov.za
nosihle
Wed, 08/09/2023 - 14:57
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Young women urged to explore opportunities in oceans economy
Minister in the Presidency for Women, Youth and Persons with Disabilities, Dr Nkosazana Dlamini Zuma, has encouraged young people to explore career opportunities in the oceans economy.
“Given this enormous diversity available through the oceans economy, there are several value chains from which women can leverage opportunities for jobs, develop entrepreneurships, and build their businesses,” Dlamini Zuma said on Monday in Cape Town.
South Africa has a coastline that spans about 2 800 kilometers from Namibia to Mozambique.
Addressing young women who had an opportunity to visit the South African National Defence Force (SANDF) Military Naval Base in Simon’s Town, the Minister emphasised that the ocean resource presents various opportunities, which can be commodified for economic development.
In an effort to demonstrate the opportunities for women in the sector, learners from various schools toured a shipyard at the Military Naval Base as part of Women’s Month activities that showcased the role of women in the maritime sector.
The tour was followed by presentations from officials from who work in maritime security, hydrography, as well submarines. This exercise provided an in-depth understanding of the oceans economy.
“Boat builders are required to construct small and large vessels once these vessels are designed by engineers. Maintenance technicians across various disciplines such as mechanical, electrical and others are required to ensure the ships and their equipment run optimally. Marine biologists are required to point out where the best fishing spots are. The fishing nets used by the trawlers need to be made,” Dlamini Zuma said.
She said that all young people, particularly women, should grow up with a firm understanding of three primary sub-sectors, namely, shipping and transport, marine resources and marine tourism.
“We need a skills revolution which draws from Operation Phakisa to cover all the primary, secondary and tertiary economic activities within the Oceans Economy. We also need a curriculum trains them in the value chain of the four secondary industry sub-sectors,” the Minister said.
These include operational support services, which comprise shipping logistics and marine technologies; manufacturing and construction (including civil engineering, marine manufacturing, ship repair and maintenance), as well as business services, which incorporates maritime specialised professionals within the banking, legal, insurance, Information and Communication Technology (ICT), and the consulting domain.
Operation Phakisa focuses on unlocking the economic potential of South Africa's oceans, which could contribute up to R177 billion to the GDP by 2033 and between 800 000 and one million direct jobs.
“As a department, we have adopted an all-of-society approach to livelihoods restoration and wealth creation toward empowering women, youth and persons with disabilities. This involves a partnership with the SANDF to establish a National Service where young people will be trained across various disciplines, including the oceans economy.
“Let us make the call to the country to join us in supporting and implementing meaningful programmes, plans, policies, strategies and interventions geared towards unlocking barriers of entry for young girls and women, and the largely unemployed population,” the Minister said.
This year’s Women’s Month is celebrated under the theme, 'Accelerating Socio-Economic Opportunities for Women’s Empowerment'. The theme highlights the need to ensure that all women have access to participate equally in all areas of human endeavor.
Oppression of women
Despite various strides which have been achieved toward improving the status of women in society, Dlamini Zuma said the systemic oppression of women over time has left almost indelible marks that need redress.
“In the South African context, women in rural areas and the townships bear the most burden of generational systemic oppression. It is tragic that on the triple challenges of poverty, inequality and unemployment plaguing our country, women are the most affected.
“Violence in this country is gendered, with statistics from the South African Police Service indicating that about nine women are murdered daily, with countless others being sexually violated, abused and subjected to all manner of atrocities.
“Women continue to be paid far less than men for work of equal value. Women face food insecurity yet the majority of farm workers in Africa are women who do not own the land they labour and eat the crumbs that fall from the tables of those who own the means of production,” Dlamini Zuma said.
She noted that the World Bank’s 2023 report on 'Women, Business and the Law' reiterates that empowering women is a prerequisite for economic development.
“It is equally important to prioritise empowering the girl-child, particularly as today’s girls are tomorrow’s women. The success of any meaningful attempt to grow South Africa together hinges on ensuring that women, particularly those who have been systematically oppressed, are able to participate equally in all areas of human endeavor, specifically in the mainstream economy,” the Minister said. – SAnews.gov.za
nosihle
Tue, 08/08/2023 - 10:00
Serenity Hills – the R800m eco-estate near Margate on the KZN mid-South Coast – has been included in the South African Economic Reconstruction and Recovery Plan after being honoured by President Cyril Ramaphosa at the 5th South African Investment Conference (SAIC) in April this year. Following up on this national recognition, Deputy Ministers in the …