In his Medium Term Budget Policy Statement, Finance Minister Tito Mboweni said Africa has a young, growing, entrepreneurial population. He said Sub-Saharan Africa is expected to grow by 3.6 percent next year, the second-fastest growing region after Asia, excluding Japan.
Jolawn Victor, head of emerging markets at Intuit QuickBooks, welcomes government’s economic policy priority “to enact reforms that will enable South Africa to break from the spiral of anaemic growth, promoting investment and job creation”.
Mboweni said that a conducive business environment is critical to support the confidence of businesses. He added that measures to expand telecommunications services by allowing for the rapid expansion of fibre infrastructure, accelerating the spectrum licensing and a move towards 5G will make it easier to do business.
“As the ever-evolving digital landscape becomes even more intrinsic in the business realm, it is crucial for small businesses to have efficient access to the internet at all times,” says Victor. “This will also assist them to compete with larger businesses by being able to efficiently contact their customers and suppliers, market their business on digital platforms and even manage their cash flow and monitor their profitability at all times via online accounting software such as QuickBooks.
“It is now widely accepted that South Africa’s potential to create jobs and drive prosperity will most likely be unleashed if the small and medium enterprise sector is nurtured and flourishes. It is vital that the barriers to entry and ease of doing business is improved to further create opportunities for small businesses to enter the market, survive and thrive,” Victor concludes.