Gauteng’s New Finance MEC Outlines Economic Vision

Newly appointed Gauteng MEC for Finance and Economic Development, Lebogang Maile, unveiled ambitious plans to tackle the province’s economic challenges recently.

Speaking at the Gauteng Infrastructure Financing Agency in Johannesburg, Maile presented a comprehensive strategy to boost the economy and improve the lives of Gauteng residents.

Maile highlighted Gauteng’s economic significance, stating, “Our province accounts for almost 34 percent of the national GDP and more than 10% of the total GDP of the entire sub-Saharan region. However, we face unique challenges that require innovative solutions.”

The MEC acknowledged the province’s high unemployment rate of 33.7%, which exceeds the national average.

He also pointed out the ongoing impact of the COVID-19 pandemic on various industries, including manufacturing, construction, and tourism.

To address these issues, Maile outlined several key initiatives:

1. Improved revenue collection: “We will modernise our processes to increase efficiency and eliminate loopholes in collection mechanisms,” Maile explained.
2. Establishment of a provincial state bank: “This bank will invest in projects with high social return but low private sector investment,” the MEC revealed.
3. Support for township-based enterprises: Maile emphasised, “We will provide suitable infrastructure and invest in the manufacturing capacity of township enterprises to minimise reliance on major retailers.”
4. Focus on Special Economic Zones (SEZs): “Our SEZ program will accelerate re-industrialisation of the Gauteng City Region, with a focus on sectors like automotive, green economy, and agro-industry,” said Maile.
5. Structural transformation: The MEC plans to boost sectors such as chemicals, textiles, electronics, and aerospace in marginalised areas.
6. Youth, women, and people with disabilities: “We will increase access to development finance, artisanal skills, and economic infrastructure for these groups,” Maile promised.

One of the most ambitious projects announced was the establishment of a provincial government-owned pharmaceutical company. Maile stated, “This company will prioritise the production of vaccines, contributing to both health and economic outcomes in our province.”

The MEC also addressed the challenges posed by migration, noting that Gauteng has experienced the greatest positive net migration in the country since 1994.

Maile concluded by emphasising the importance of collaboration with the private sector and transparency in governance. “Over the coming weeks, we will announce more plans for the Gauteng economy, ensuring that we remain accountable to the residents of our province,” he said.

As Gauteng grapples with its economic challenges, residents and businesses alike will be watching closely to see how these ambitious plans unfold in the coming months and years.