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US forges ahead to build stronger relations with Africa under AGOA

Location: News

US forges ahead to build stronger relations with Africa under AGOA

Amid challenging global economic circumstances, United States Trade Representative Katherine Tai believes there is an opportunity to shape a stronger, new and forward-looking vision for United States-Africa trade, where more segments of society are brought in.

"[A vision] where, as President [Joe] Biden would say, ‘the benefits are realised from the bottom up and the middle out,” Tai told delegates on Friday.

In the words of Tai, the United States remains a committed partner as Africa continues this journey.

Tai was speaking at the three-day African Growth and Opportunity Act (AGOA) Forum currently underway at the Nasrec Expo Centre in Johannesburg.

“As President Biden said at the US-Africa Leaders' Summit last December, ‘the United States is all in on Africa’.” 

African Continental Free Trade Area

Tai, who is the principal trade advisor and spokesperson on United States trade policy, announced that her country backs the implementation of the African Continental Free Trade Area (AfCFTA) under the US-AfCFTA Memorandum of Understanding (MoU) on Cooperation for Trade and Investment. 

This comes after the AfCFTA Secretary General, Wamkele Mene, and Tai signed the MoU during the summit.

“We created four Technical Working Groups, and the US government is providing approximately $160 million to support the negotiation and implementation of the AfCFTA,” Tai said. 

This includes support from the United States Agency for International Development, the US Department of Agriculture, and Prosper Africa.

“The United States is here to build and enhance our relationships so that more Africans can enjoy the benefits of economic growth, to empower workers and their communities, and to build fair and equitable societies, not just for today, but for years to come,” Tai said.

She has since called on all stakeholders to work together to further unlock the potential of the partnership to pursue sustainable and equitable growth, especially for women, youth and the African diaspora.

The representative said she was looking to talk about improving utilisation rates, exploring additional trade tools to complement the AGOA relationship, implementing the AfCFTA, and better use of the multilateral trading system for the benefit of underserved groups. 

“All of you in this room play such an important part in fully realising this vision. No one government can get there alone, and that is the power of this forum. A committed and thoughtful community with a common goal of strengthening our US-African trade and investment relationship.”

Tai described AGOA as a vehicle for workers and businesses across Africa.

“This is important, as all of us continue our economic recovery from the COVID pandemic.”

She also shifted her focus to challenges following the pandemic that battered economies, climate crisis, growing inequality and economic insecurity.

“But there have also been positive developments,” Tai said.

The green shoots, she said include trading under the AfCFTA since January 2021 and African Union joining G20 in September this year. 

Tai cited the African Development Bank’s report that stated that five of the world’s 10 fastest-growing economies are projected to be in Africa.

She singled out South Africa, which is ranked one of the largest AGOA users, with the country being the top exporter in 2022, with $3.6 billion in exports. 

“South Africa is leading the continent on other aspects as well, including through its clear commitment to human rights.”

She noted that the total goods imported into the United States under AGOA was about $10 billion in 2022, a significant increase compared to $6.8 billion in 2021.

Meanwhile, the non-petroleum imports –  major sources of new investment and jobs in Africa, went up to $5.7 billion in 2022, from $5 billion in 2021.

“The programme has fostered economic growth and development on the continent to increase investment and to create new jobs and opportunities,” Tai said.  – SAnews.gov.za

Gabisile
Fri, 11/03/2023 - 14:27

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Read moreUS forges ahead to build stronger relations with Africa under AGOA

Rio Perfumes: South Africa’s Leading Online Fragrance Store Expands Delivery Services

Location: MyPR

Gauteng, South Africa – October 25, 2023 – Rio Perfumes, the number one online fragrance store in South Africa, is excited to announce the expansion of its delivery services. Customers can now enjoy safe and secure door-to-door delivery not only within South Africa but also to Gaborone, Swaziland, Windhoek, and Lusaka. With a commitment to …

Read moreRio Perfumes: South Africa’s Leading Online Fragrance Store Expands Delivery Services

Local spice brand announces and celebrates winners after a national search.

Location: MyPR

Ordinary cooks waited with bated breath at Truffles on the Park, Sandton, as they waited for the announcement from Chef Zola Nene of who would be named the ultimate home cooks in the country. Earlier in the year, Robertsons Spices called for South Africans to submit their best Robertsons-infused dishes to stand a chance to …

Read moreLocal spice brand announces and celebrates winners after a national search.

Clanwilliam Dam project revival brings wish to West Coast

Location: News

Clanwilliam Dam project revival brings hope to West Coast

The resuscitation of Clanwilliam Dam engineering work has sparked optimism among the West Coast corridor communities. 

This comes after Water and Sanitation Minister Senzo Mchunu conducted an oversight visit to the construction work underway at the dam site on Thursday.

The R4 billion project, situated on the Olifants River near the town of Clanwilliam in Cederberg Local Municipality, is one of the biggest government infrastructure investments in the Western Cape. 

The project involves raising the dam wall by 13 metres. A total of R400 million has been allocated for the current financial year to implement the project.

The project includes extension of the dam wall on the downstream side, and raising it to a higher level by 13 metres. 

The additional yield of water will provide an opportunity to develop resource poor farmers to promote food security and decent employment through inclusive economic growth.

During the visit, Mchunu said, unlocking the bottlenecks that caused the collapse of the project and seeing it to its completion is the biggest priority for the Department of Water and Sanitation.

Mchunu said the yield from the extended infrastructure will bring a lifeline to many livelihoods in this region. 

“What we see happening here at the dam construction site is encouraging and there is no stopping until we finish. The dam currently yields about 123 million cubic meters of water and when the project is completed, it is expected to yield 343 million cubic meters of water, thus bringing into the system almost double the current yield,” Mchunu said.

Addressing stakeholders and residents that converged at the town’s local church hall, Mchunu said government is committing many resources to building projects across the country, and that through projects like Clanwilliam, the department strives for quality water to flow to South African households. 

“We have built a solid, tight management team for the Clanwilliam Dam project, and we will support them to see it through to the end. The revival of the project is a hit for the Western Cape province.” 

Mchunu said government is aware of the delays in the implementation of the Clanwillliam Dam project over the years, and assured that with the recent resuscitation of the project, the department remains committed to completing the work within the revised timeframes, budgets and specifications.

Among the direct benefits associated with the project, include more than 500 job opportunities for skilled, semi-skilled and unskilled workers, and the development of skills and learning opportunities; and new business opportunities for the locals.

Western Cape Infrastructure MEC Tertuis Simmers, who joined Mchunu during the visit, said the province welcomed the resuscitation of the dam project, noting there is a long history associated with the project. 

“We welcome that work has commenced and interventions by stakeholders to unbundle the hindrances. This will now further accelerate the hydro-energy projects planned for the West Coast corridor and bolster the agricultural sector. 

“As the spheres of government alongside the private sector, we remain committed to the successful delivery of this project,” Simmers said.

Francois Swaartbooi, a local businessperson, said the project has provided renewed hope for stakeholders of the West Coast, and they are happy it is being revived. 

Swartbooi said they have established a business forum to ensure that local small medium enterprises benefit from the project.

The current work at the construction site includes excavations to prepare platforms for the drilling and blasting operations; blast proposal and design by the Drill and Blasting sub-contractor, and geologists to inspect the vertical faces of the excavation to determine the rock anchor details. – SAnews.gov.za

GabiK
Fri, 11/03/2023 - 15:03

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President Ramaphosa calls for substantial lengthening of AGOA

Location: News

President Ramaphosa calls for substantial lengthening of AGOA

An extension of the African Growth and Opportunity Act (AGOA) for a longer period of time can act as an instrument to entice investors to pour more resources into the African continent.

“We would like you to look at the extension or renewal of AGOA for a sufficiently lengthy period for it to act as an incentive for investors to build new factories on the African continent.

“As we were going around talking to a number of product producers, the recurring message and word I heard is ‘we can do more…if this opportunity is extended and we can build more capacity if we have certainty that yes, the period of extension will be longer’.

“Shorter periods of extension impede investment ambitions and we therefore want to see a much lengthier period of extension. The United States and Africa… are going to be here for a long time. We are here for the long haul so let us make AGOA a long haul opportunity for all of us,” said President Cyril Ramaphosa at the opening of the AGOA Forum, currently underway at Nasrec in Johannesburg.

The President reflected on the successes that have been made under AGOA for African countries.

“When excluding exports of crude oil under AGOA, the data show that the programme has substantially improved the export competitiveness of certain African products, especially textiles and apparel.

“Apparel exports from Lesotho, Ethiopia, Mauritius, Madagascar and Kenya have not only led to the creation of tens of thousands of jobs but these countries have become reliable producers for American consumers.

“Other parts of manufacturing have also seen success under AGOA. South Africa’s auto exports to the United States under AGOA have contributed to job creation in South Africa and in the auto supply chain within neighbouring countries.

“We value the relationship with the United States, the world’s largest national market, and a country with which we have relationships that go well beyond trade. The African Growth and Opportunity Act – or AGOA – has served as the cornerstone of the US-Africa commercial relationship for more than two decades,” President Ramaphosa said.

Africa on the rise

President Ramaphosa told the forum that trading has been in the DNA of Africans for thousands of years – predating colonial oppression.

“From earlier times, our forebears were already trading not only within Africa but with the rest of the world. They traded right across the continent… but they also traded with the world. Trading is part of our DNA; it is in our blood and it is this trading that we want to modernise and we look for partners to support us in this development as we modernise our trading practices and relations,” he said.

As the continent continues to modernise its trading, it is moving away from being a supplier of raw materials to a producer of ready-made consumer products.

“Africa is an important source of critical raw materials but we do not want to be defined by simply being the producers of commodities. The great industrial opportunity lies instead in the transformation of the rocks that we mine and the metal that we produce into the sophisticated industrial and consumer goods that societies across the world need.

“Gone should be the days when Africa is just seen as a source of rock, soil and dust being exported out of our continent. We now want to produce the products that are finished or near finished, which are utilised in other parts of the world. We want to earn full value for our products,” he said.

President Ramaphosa said he remains concerned about the negative effects that trade restrictions on products like steel, aluminium or citrus fruit have on AGOA utilisation rates.

“We hope that the discussions at this forum will help lay the basis for these to be addressed in future.”

The President said more targeted efforts to promote greater levels of investment can help to unlock AGOA’s opportunities.

The purpose of the forum is to discuss ways to expand trade and investment relations between the United States and sub-Saharan Africa, and the implementation of AGOA, including encouraging joint ventures between small and large businesses. - SAnews.gov.za

 

NeoB
Fri, 11/03/2023 - 13:07

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Government on course to manage expenditure

Location: News

Government on course to manage expenditure

The sixth administration is on course to prudently manage government expenditure while retaining the focus on infrastructure, health, education and policing as critical areas of growth and development.

This is according to President Cyril Ramaphosa who was responding to Questions for Oral Reply in the National Assembly on Thursday. 

Leader of the opposition party (Democratic Alliance), John Steenhuisen asked the President the reasons for the drastic budget cuts to government departments, which will have an impact on government’s delivery of frontline services at a time when citizens are being battered by the cost-of-living crisis.

The President highlighted that the Minister of Finance tabled the Medium-Term Budget Policy Statement (MTBPS) on Wednesday, which outlined the country’s fiscal position and provided information on government’s spending priorities over the next three years.

  
“Among other things, the Minister of Finance indicated in the MTBPS that we are resolved to stabilise public finances while maintaining support for the most vulnerable and protecting frontline services.

  
“At the same time, we are fast tracking growth-enhancing reforms, which includes a new financing mechanism for large infrastructure projects. Work is underway to reconfigure the structure and size of the state, while strengthening its capacity to deliver quality public services,” the President said. 

President Ramaphosa told Members of Parliament that the cost containment guidelines issued by the National Treasury give advice and guidance to government departments to ensure a sound and prudent management of public finances in the context of significant constraints.

“The increase in fiscal constraints is mainly due to reduced revenues. The cost containment guidelines target non-critical spending items such as travel, catering, accommodation and capital items that have not yet commenced,” he said. 

Turning to the discussions that the President and Deputy President Paul Mashatile have had with Ministers on an ongoing basis, President Ramaphosa said the meetings are focused on how programmes and activities undertaken by departments advance economic growth, social development and service delivery.

“Ministers and their departments engage with National Treasury on how best to implement any budget restructuring and delay projects where necessary without compromising the needs of communities,” he said. - SAnews.gov.za

 

 

DikelediM
Fri, 11/03/2023 - 09:10

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Emerging Black Innovator and Entrepreneur Ezra Rasethe: Democratizing Wealth Creation in South Africa through Property Investment

Location: MyPR

Ezra Rasethe, Founder and CEO of InvestRand, is spearheading a mission to democratize wealth creation in the country. InvestRand empowers ordinary individuals to build long-term wealth through property investment. The innovative marketplace partners with everyday South Africans, providing them with the knowledge and tools to achieve their investment goals, whether it’s capital growth, passive income, …

Read moreEmerging Black Innovator and Entrepreneur Ezra Rasethe: Democratizing Wealth Creation in South Africa through Property Investment

Rugby World Cup win demonstrates power of transformation

Location: News

Rugby World Cup win demonstrates power of transformation

President Cyril Ramaphosa says the 2023 Rugby World Cup (RWC) win has demonstrated the power of transformation.

“The Springboks are a potent symbol of just how far we have come as a people. That is why you have been so warmly embraced by South Africans of all races as their own,” President Ramaphosa said.

This was the fourth victory by the Springboks for the championship. All four championships have taken place during South Africa’s democratic years.

The President reflected on when former Boks captain Francois Pienaar and President Nelson Mandela lifted the Webb Ellis Cup at Ellis Park Stadium on 24 June 1995.

“Our democracy was just over one year old. South Africa had just been readmitted to World Rugby three years earlier. There was only one black player on the team, the legendary Chester Williams. It was a monumental, historic and deeply symbolic occasion. This win is also monumental,” he said.

The Springboks won the 2023 RWC against New Zealand at the finals in Paris, France, on Saturday, 28 October 2023.

Welcoming the Rugby World Cup champions at the Union Buildings in Pretoria on Thursday, the President was joined by scores of Springbok supporters across different age groups and races, who filled the streets and cheered for the team.

They were in high spirits, proudly wearing their Springbok jerseys as they celebrated and chanted the names of their favourite players.

A large media contingent was also present to capture the Webb Ellis Cup parade, which kicked off in Pretoria. The world champions are embarking on a four-day Trophy Tour to major regional population centres from Thursday, with the next stop being in Johannesburg and Soweto, concluding at FNB Stadium.

“Never in the history of the Rugby World Cup has any team lifted the trophy on four occasions. Until now. In doing so, you have lifted the spirits of an entire nation and filled us with pride. 

“You have united the South African people. The words 'Amabokobo', 'Go Bokke' are being shouted from the rooftops by black and white, young and old, urban and rural dwellers, in all our national languages. Over the past eight weeks, this country has been a sea of green and gold.

“People who haven’t even followed rugby before or been interested in the game are now talking with confidence about scrums, rucks, drop kicks and tries,” the President said.

He said the performance of the Springboks in this year’s Rugby World Cup has captured people’s imagination and energised them in a way not seen in a long time.

“It has reminded us that even amidst our many challenges, there is always room for optimism and hope. I have said before that we do not make light of the challenges our country faces. We certainly do not imagine that a sporting victory can or will wish them away. 

“Your journey to victory in France on Saturday night was as much about our journey towards nationhood as it was about sporting excellence.  It was as much about the power of transformation,” said the President.

He said Amabokoboko are testament to the power of a dream. 

“Every young boy and girl in this country today – whether they are black, white, Indian or coloured – now knows they don’t have to be content with dreaming of becoming like you. They know they can be you,” the President said.

The Springbok rugby team tour will continue in Cape Town (Friday, 3 November) and Durban (Saturday, 4 November) before concluding in the Eastern Cape (East London) on Sunday, 5 November.

Springbok captain Siya Kolisi expressed gratitude to South Africans for supporting the team during the tournament.

“We, as a team, chose to dedicate this World Cup to you because you are the reason we are where we are today. Your resilient spirit, how hard you work and the things that you go through to be where you are in life.

“Your support kept us going. We are very diverse and we wanted to show that diversity is our strength in South Africa. We need to use our diversity. It is a powerful force that many countries do not have and that we can use.

“When we work together regardless of our backgrounds, we put South Africa first and work for South Africa. That is what we did. We did it by playing rugby,” Kolisi said.

South African Rugby Union (SARU) President Mark Alexander said the team’s victory is a testament of the unwavering support and boundless passion of the millions of South Africans who supported the team.

“Your Tik Toks, YouTube and Facebook posts celebrating the victories played a role in motivating our team as they fought brilliantly on the field. Our team has achieved a historic fourth Rugby World Cup, an epic accomplishment that could not have been possible without the dedication and commitment of our players, led by the coaching team,” Alexander said. –SAnews.gov.za

nosihle
Thu, 11/02/2023 - 11:56

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eXp Realty Unveils Innovative Partnership with HomeHunter To Streamline International Property Search

Location: MyPR

eXp Realty®, “the most agent-centric real estate brokerage on the planet™” and the core subsidiary of eXp World Holdings, Inc. (Nasdaq: EXPI), announced today a new partnership with HomeHunter, an innovative web application designed to improve the home search process for consumers across Europe, the Middle East, South Africa, India, Australia and New Zealand. HomeHunter …

Read moreeXp Realty Unveils Innovative Partnership with HomeHunter To Streamline International Property Search

Durbanville Hills Announces Appointment of Modern Cellar Master

Location: MyPR

In the wake of the untimely passing of Martin Moore in May this year, Durbanville Hills is pleased to introduce its new cellar master, Pieter-Niel Rossouw, a seasoned winemaker and viticulturist. Pieter-Niel joins from Darling Cellars where over the past nine years he was the chief winemaker and viticulturist. Pieter-Niel acknowledges the significant responsibility that …

Read moreDurbanville Hills Announces Appointment of Modern Cellar Master

Milken–Motsepe Prize in Green Energy Finalists Announced

Location: News

The Milken-Motsepe Innovation Prize Program
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The Milken Institute and the Motsepe Foundation (https://MilkenMotsepePrize.org) today announced the five teams (https://apo-opa.info/3tXVKZw) advancing to the Finalist Round of the Milken–Motsepe Prize in Green Energy. Each finalist team will receive $70,000 to further develop and test their designs in a live field test demonstration in South Africa next year.

The finalist teams are:

  • AfTrak Micro Electric Agriculture and Energy (https://apo-opa.info/3QprXQS), for its innovative system of using solar microgrids to power custom-designed tractors for deep-bed farming;
  • GEG ehf. (https://GEGpower.is/), for its solar- and geothermal-powered hybrid renewable energy system;
  • New Digit Technologies (https://apo-opa.info/40q1yXR), for its compact, portable device to generate energy and purify water;
  • OMNIVAT (https://www.OMNIVAT.tech/), for its containerized electricity generation and storage system for remote communities; and,
  • Smart Agri-Centres (https://e4sv.org/), for its solar-powered community hubs that provide affordable clean energy and services to farmers.

“Access to electricity can advance industrialization across Africa and improve the standards of living for many marginalized communities,” said Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation. “These finalists are building innovative solutions to deliver on the promise of a sustainable future, in line with the Sustainable Development Goals. We will be delighted to welcome them to South Africa for the live demonstrations next year.”

An independent panel of expert judges determined the five teams continuing to the Finalist Round based on a rigorous evaluation of real-world data.

Judges will continue to evaluate competing teams' abilities to meet the challenge of generating 60kWh of electricity in a 24-hour period by:

  • demonstrating off-grid electricity generation using green energy sources;
  • validating demonstration results with data collection; and
  • providing affordable and reliable electricity to energy-poor communities, as informed by the demonstration.

“These finalists have once again proven the value of the innovation competition model in driving breakthroughs,” said Emily Musil Church, PhD, senior director at the Milken Institute. “The Semifinalist Round pushed these teams to stretch their limits and build solutions that are scalable and life-changing for millions.”

To date, the competition has awarded US$750,000 to entrepreneurs testing bold ideas to expand access to reliable, affordable, and sustainable electricity in Africa.

In May 2024, the judges will award a US$1 million Grand Prize. A runner-up prize of US$250,000 will also be awarded. In total, the Milken–Motsepe Prize in Green Energy will award over US$2 million in prizes and additional benefits.

Distributed by APO Group on behalf of The Milken-Motsepe Innovation Prize Program.

Media Contact:
Chad Clinton
+1 (202) 262-1067
cclinton@milkeninstitute.org

About the Milken Institute:
The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what's pressing now and what's coming next. For more information, visit www.MilkenInstitute.org

About the Motsepe Foundation:
The Motsepe Foundation was founded in 1999 by Dr. Patrice Motsepe and his wife, Dr. Precious Moloi-Motsepe. The goal of the Motsepe Foundation is to contribute towards eradicating poverty and to sustainably improve the living conditions and standards of living of poor, unemployed, and marginalized people in South Africa, Africa, and the world. In January 2013, Dr. Patrice Motsepe and Dr. Precious Moloi-Motsepe joined the Giving Pledge, which was started by Warren Buffet and Bill and Melinda Gates. Dr. Patrice Motsepe and his wife committed to give half of their wealth to the poor and for philanthropic purposes during their lifetime and beyond.

Read moreMilken–Motsepe Prize in Green Energy Finalists Announced

Tourism opens request for proposals for Tourism Equity Fund (TEF)

Location: News

Department of Small Business Development, Republic of South Africa
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Request for proposals for the Tourism Equity Fund opens.

The Department of Tourism together with the Small Enterprise Finance Agency (sefa), an agency within the Department of Small Business Development (DSBD) is pleased to announce the opening of the application process for the Tourism Equity Fund (TEF) starting from Monday 6 November 2023.  

Following the Cabinet's approval in September 2023 for the revised TEF to be implemented, we are delighted to announce that the Request for Proposals for funding from the TEF is now open to businesses.

The R1.2 billion TEF aims to increase growth, and transformation and stimulate more inclusive participation in the tourism sector in line with the targets of the Tourism B-BBEE Sector Codes. The TEF is intended to address the funding challenges faced by Qualifying Small Enterprises and Emerging Micro Enterprises in the tourism sector.

The TEF will be implemented by:

  • Assessing and scoring applications against jobs to be sustained and/or jobs to be created, location and geographic spread, and targeted groups (youth, women, and people with disabilities).
  • Department of Tourism and sefa in partnership with banking and/or financial institutions in the Republic of South Africa, which includes, amongst others, banks and developmental finance institutions that will offer affordable and tailor-made financial solutions, in an attempt to close funding gaps in the market, through the provision of a blended finance solution.
  • Disbursing a total of 80% of the TEF funds to existing Small Medium and Micro Enterprises in the market to enable these businesses to grow. The remaining allocation of 20% of the funds will be disbursed to new businesses.

sefa will implement, execute, and manage the Fund through a Fund Management Agreement signed with the Department of Tourism. The Department will support and monitor the implementation of the TEF on a monthly basis.

The TEF places significant emphasis on providing support to tourism enterprises that meet the qualifying criteria, including a minimum of 30% Black ownership either before or after the financial support. The TEF is exclusively dedicated to investing in various sub-sectors within the tourism industry as prescribed in the Tourism B-BBEE Sector Codes.

The Department of Tourism is committed to enhancing transformation in the tourism sector, and the TEF aims to contribute towards achieving transformation goals in this important sector of our economy.

“The funding structure comprises grant funding, and debt financing, to meet the distinct needs of tourism enterprises that are either seeking equity acquisition, investment in new developments, or expansion of their existing businesses,” Minister de Lille said.

The TEF is backed by formidable public-private partnerships, which support the participation of private, commercial, and non-commercial banks, and various developmental funding institutions.

“The collaboration between public and private entities serves as a notable example of successful cooperation in advancing a more inclusive and prosperous tourism sector,” Minister de Lille added.

Minister de Lille concluded: “As stated before. the Department of Tourism remains committed to advancing the transformation agenda through creating equitable opportunities to realise an inclusive and revived tourism economy.”

With consideration of Regulation Gazette No 11067, Volume 697, No 49018 published on 25 July 2023, withdrawing Regulation Gazette No 11241, Volume 668 of 19 February 2021. No 44172, all applicants (including previous applicants) are encouraged to submit new applications that will align with the new qualifying criteria of TEF.

For more information on the Tourism Equity Fund and the application process, please visit the Department of Tourism's website: https://apo-opa.info/3QIzYSG

Distributed by APO Group on behalf of Department of Small Business Development, Republic of South Africa.

Read moreTourism opens request for proposals for Tourism Equity Fund (TEF)

Tourism announces opening of application process for TEF

Location: News

Tourism announces opening of application process for TEF

The Department of Tourism, together with the Small Enterprise Finance Agency (Sefa) - an agency within the Department of Small Business Development, has announced the opening of the application process for the Tourism Equity Fund (TEF) on Monday, 06 November 2023.

“Following Cabinet’s approval in September 2023 for the revised TEF to be implemented, we are delighted to announce that the Request for Proposals for funding from the TEF is now open to businesses,” the Department of Tourism said in a statement.

The R1.2 billion TEF aims to increase growth and transformation, and stimulate more inclusive participation in the tourism sector in line with the targets of the Tourism B-BBEE Sector Codes.

The TEF is intended to address the funding challenges faced by Qualifying Small Enterprises and Emerging Micro Enterprises in the tourism sector.

The TEF will be implemented by:

  • Assessing and scoring applications against jobs to be sustained and/or jobs to be created, location and geographic spread, and targeted groups (youth, women, and people with disabilities).
  • Department of Tourism and Sefa in partnership with banking and/or financial institutions in the Republic of South Africa, which includes, amongst others, banks and developmental finance institutions that will offer affordable and tailor-made financial solutions, in an attempt to close funding gaps in the market, through the provision of a blended finance solution.
  • Disbursing a total of 80% of the TEF funds to existing Small Medium and Micro Enterprises in the market to enable these businesses to grow. The remaining allocation of 20% of the funds will be disbursed to new businesses.

“Sefa will implement, execute and manage the Fund through a Fund Management Agreement signed with the Department of Tourism. The Department will support and monitor the implementation of the TEF on a monthly basis,” the department said.

The TEF places significant emphasis on providing support to tourism enterprises that meet the qualifying criteria, including a minimum of 30% Black ownership either before or after the financial support.

The TEF is exclusively dedicated to investing in various sub-sectors within the tourism industry as prescribed in the Tourism B-BBEE Sector Codes.

The department said it is committed to enhancing transformation in the tourism sector and the TEF aims to contribute towards achieving transformation goals in this important sector of the economy.

“The funding structure comprises grant funding, and debt financing, to meet the distinct needs of tourism enterprises that are either seeking equity acquisition, investment in new developments, or expansion of their existing businesses,” Tourism Minister Patricia de Lille said.

The TEF is backed by public-private partnerships which support the participation of private, commercial, and non-commercial banks, and various developmental funding institutions.

“The collaboration between public and private entities serves as a notable example of successful cooperation in advancing a more inclusive and prosperous tourism sector.

“The Department of Tourism remains committed to advancing the transformation agenda through creating equitable opportunities to realise an inclusive and revived tourism economy,” de Lille said.

With consideration of Regulation Gazette No 11067, Volume 697, No 49018 published on 25 July 2023, withdrawing Regulation Gazette No 11241, Volume 668 of 19 February 2021. No 44172, all applicants (including previous applicants) are encouraged to submit new applications that will align with the new qualifying criteria of TEF.

For more information on the Tourism Equity Fund and the application process visit: https://www.tourism.gov.za/CurrentProjects/Tourism_Equity_Fund/Pages/Tourism_Equity_Fund.aspx - SAnews.gov.za

 

Edwin
Thu, 11/02/2023 - 11:55

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Read moreTourism announces opening of application process for TEF

COVID-19 social grant extended until 2025

Location: News

COVID-19 social grant extended until 2025

Government has extended the COVID-19 Social Relief of Distress Grant (SRD Grant) until March 2025 while it considers social security policy reforms and a funding model.

The grant was introduced to support low-income individuals affected by the lockdowns during the COVID-19 pandemic.

Delivering the Medium Term Budget Policy Statement (MTBPS) to Parliament on Wednesday, Minister of Finance Enoch Godongwana said R34 billion has been allocated to extend the grant by another year.

“Over the medium term, a provisional allocation is retained while a comprehensive review of the entire social grant system is finalised. The 2023 Budget indicated that the COVID-19 Social Relief of Distress grant was only funded until March 2024.

“Government proposes that the fiscal framework make provision for funding for the grant for 2024/25. Beyond this, a comprehensive review of the entire social grant system by the Department of Social Development and the National Treasury is required,” Godongwana said.

Over the 2024 medium-term expenditure framework (MTEF) period, 61%  of consolidated non-interest spending goes to the social wage — combined public spending on health, education, housing, social protection, transport, employment and local amenities.

“Of this amount, R945.9 billion will be spent on social protection transfers, including the old age grant, the child support grant, the disability grant and the COVID-19 social relief of distress grant. South Africa’s social protection expenditure programme, measured as a percentage of gross domestic product (GDP), is one of the largest among developing countries,” he said.

The 2019 MTBPS noted that by 2040/41, social assistance beneficiaries – excluding the temporary COVID-19 social relief of distress grant – were projected to increase to 22.5 million, necessitating spending on social grants amounting to 3 % of GDP annually.

“This is in line with current grants spending, excluding the temporary grant. If that or a similar type of new grant is made permanent, beneficiaries are projected to expand from 27.3 million in 2023/24 to 40.4 million in 2040/41, which will cost 3.8 % of GDP in 2040/41 and require a corresponding permanent source of funding, such as additional revenue measures,” he said.

Education

Although additional funding has been provided to implement the 2023 public-service wage agreement, provincial education departments are constrained in hiring additional teachers.

The Minister warned that this could lead to larger class sizes and higher learner-teacher ratios, possibly resulting in weaker educational outcomes.

“To mitigate this, the sector will improve the approach to allocating teachers to schools, ensure that learner and teacher support materials are used cost-effectively, manage infrastructure projects more tightly and focus on plans to catch up on lost teaching time,” Godongwana said.

Institutions in the post-school education and training sector, including the National Student Financial Aid Scheme, will need to bring their student enrolment and bursary allocations in line with their budgets.

Planned infrastructure spending will be brought in line with institutions’ ability to spend.

Continued health services

The Minister said the health sector is aiming to maintain service delivery amid budgetary constraints.

“While additional funding is provided to cover wage increases, baseline reductions are being implemented as part of fiscal consolidation. To minimise negative effects, the sector will need to improve efficiency in areas such as overtime payments, medical supplies and security services, and to delay infrastructure projects.”

The South African Law Reform Commission is finalising a report on legal reform to manage medico-legal claims, which constitute a significant financial risk.

“To address funding fragmentation for oncology services, allocations will be shifted from the national health insurance grant to the national tertiary services grant.

“A single grant is also proposed to consolidate the existing personal and non-personal services components of the national health insurance indirect grant. Funding is also redirected towards the Office of Health Standards Compliance to strengthen the Health Ombud,” the Minister said. –SAnews.gov.za

 

nosihle
Wed, 11/01/2023 - 14:07

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Fiscal consolidation needed to ensure marvelous financial health

Location: News

Fiscal consolidation needed to ensure good financial health

Government will adopt a “prudent fiscal stance” which will aim to balance spurring economic growth, supporting society’s most vulnerable groups, stabilising public finances and reducing economic and fiscal risks.

This tough balancing act was revealed in the Medium Term Budget Policy Statement (MTBPS) released on Wednesday.

“A balanced fiscal stance will…also support higher levels of private-sector investment and employment. In the context of limited resources, this requires prioritisation. Over the next three years, the fiscal framework supports strong control of the public-service wage bill, protecting crucial frontline services and implementing efficiency measures.

“Government’s commitment to restoring the health of the public finances means that the debt-to-GDP ratio is still forecast to stabilise in 2025/26 – although at a higher level than projected in the 2023 Budget,” the document read.

The MTBPS laid out how it will implement fiscal consolidation measures including reduced spending, “efficiency measures across government and moderate revenue increases”.

“The proposed fiscal consolidation measures will be targeted, leaving some functions with funding levels similar to the 2023 Budget, and will also maintain the social wage. Over the medium term, these measures will include the reconfiguration of government, with the merging or closure of public entities resulting in a reduction in transfers to such entities.

“Together, these targeted measures are expected to result in savings and long-term gains from improvements in the efficiency of public spending and budget allocations. This is key to managing the public finances in a prudent and responsible way, and will also support longer-term economic growth.”

The key elements of government’s medium-term fiscal strategy as set out in the MTBPS include:

  • Realising a primary budget surplus in the current year, meaning that revenue will exceed non-interest spending for the first time since 2008/09. The surplus will grow over the medium term, narrowing the budget deficit and allowing debt to stabilise by 2025/26.
  • Stabilising debt to enable government to arrest the trend of rising debt-service costs. Debt-service costs will peak as a proportion of revenue in 2026/27.
  • Targeting spending revisions to protect critical frontline services. Baseline budgets for basic education, health and the police are projected to grow in nominal annual average terms, although below consumer price index (CPI) inflation, over the 2024 medium-term expenditure framework (MTEF) period. Spending on the community and economic development functions will grow by 4.5 per cent and 6.2 per cent, respectively. In contrast, spending on general public services grows marginally over the medium term.
  • Implementing a reconfiguration of government functions, as outlined in Chapter 1, in line with the President’s commitment during the 2023 State of the Nation Address.
  • Keeping the composition of spending broadly in line with existing policy. Over the medium term, the wage bill continues to grow on average below CPI inflation. Over the next three years, capital payments and transfers will grow by a nominal annual average of 8.4 per cent, while consolidated spending on the wage bill, goods and services, and current transfers and subsidies grows by 3 per cent. Government is implementing measures to improve the financing and execution of infrastructure projects.
  • Introducing moderate revenue increases to support fiscal consolidation, while limiting the negative effects on the economy.
  • Developing new fiscal anchors to ensure sustainable public finances. Work on these is under way, and an update will be provided in the 2024 Budget.  – SAnews.gov.za

 

NeoB
Wed, 11/01/2023 - 14:09

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Read moreFiscal consolidation needed to ensure marvelous financial health

Reforms can enhance GDP

Location: News

Reforms can enhance GDP

Finance Minister Enoch Godongwana says the Medium Term Budget Policy Statement (MTBPS) prioritises reforms aimed at enhancing the growth of the Gross Domestic Product (GDP).

He was delivering the MTBPS in the National Assembly in Parliament in Cape Town on Wednesday.

“To this end, excluding interest, funding for capital projects remains the fastest-growing item by economic classification. Furthermore, we are introducing a new mechanism for improving the pace of delivery of capital projects,” he said.

The Minister was cheerful about the electricity sector’s “enormously positive transformation” due to reforms.

“We are reaping the fruits of our efforts to reform the electricity sector, including the easing of restrictions on self-generation and encouraging private investment in the area.

“At the same time, we recognise the potential loss of revenue due to private electricity generation, and the fact that traditional revenue models relied on by public entities like Eskom, face serious disruption.

“It is for these reasons that our electricity reforms are holistic, evidenced-based, and geared to find a balanced solution to our electricity supply challenges. They take into account not just a particular entity but the transformation of the sector as a whole,” he said.

According to the extended MTBPS, some of the major reforms in the energy sector comprise::

  • Three projects under the Risk Mitigation Independent Power Producer Procurement Programme, with capacity totalling 150 MW, will be ready for connection to the grid in November 2023.
  • By 2025, nine projects with a total capacity of over 1 000 MW will be connected to the grid under the Renewable Energy Independent Power Producer Procurement Programme, with a further 1 000 MW expected in the next phase.
  • In June, Eskom released interim rules to ensure fair and transparent allocation of limited grid capacity.
  • In August, Cabinet approved an amendment to the Electricity Regulation Act (2006) for public comment. The amendment aims to establish an independent transmission system operator and a competitive electricity market.

Turning to the logistics system, the Minister said the system faces significant challenges which have cost “up to 5 percent of GDP in 2022, with losses in the region of R50 billion in the minerals sector alone”.

The extended MTBPS notes that the cost of rail inefficiencies last year is estimated at R411 billion.

“Given the scale of the challenges, the National Logistics Crisis Committee was instituted to broaden reforms in the sector and prioritise reforms aimed at resolving the immediate crisis, while also addressing the structural aspects hampering the sector.

“This approach is consistent with the key lesson from our reform of the electricity sector, that resolving these challenges must be based on transforming the sector, and not trying to save an entity,” he said.

Godongwana said a “dysfunctional” Transnet – which remains at the heart of the logistics sector and the movement of goods – has serious implications for business, people’s lives, the economy and the country’s global competitiveness.

“No modern economy can thrive and grow new industries if rail lines are beset by delays, and ports are unable to efficiently handle incoming and outgoing cargo. Transnet’s performance in this regard has been underwhelming and its operations have been strained by a worsening financial state.

“Recognising the seriousness of the situation, the National Treasury is working with Transnet and the Department of Public Enterprises to ensure that Transnet can meet its immediate debt obligations,” he said.

The Minister said in this regard, a Freight Logistics roadmap will guide reforms in the sector.

“The roadmap sets out a clear path for enhancing efficiencies, facilitating the introduction of competition and leveraging the financial and technical support of the private sector.

“Only once these three objectives are reflected in Transnet’s corporate and operational plans, will there be a conversation about whether and how government can provide financial support to transform the logistics sector,” Godongwana said.

Improvements in areas such as financial management and financial governance are being prepared.

“These reforms will respond to the recommendations of the Zondo Commission, the Mpati Commission, and the Nugent Commission.

“I will…table an Omnibus Bill for public consultation, which will include key amendments to various pieces of legislation, including the Public Finance Management Act of 1999 (PFMA), Municipal Finance Management Act of 2003 (MFMA) and South African Revenue Service Act (SARS Act),” Godongwana said. – SAnews.gov.za

 

NeoB
Wed, 11/01/2023 - 14:13

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Read moreReforms can enhance GDP