Eastern Gauteng Chamber’s 108th AGM tackles SA’s economic landscape  

The Eastern Gauteng Chamber of Commerce and Industry held its 108th AGM on Thursday. The evening started with a flurry of excitement when the turnout was larger than that of the previous AGM, evidence of the chamber’s growing relevance.

Deputy Minister of Finance Ashor Sarupen was the guest and his focus was the economic landscape of the country in the wake of the delayed Budget speech.

He provided insight into the economic status of SA and the government’s plans to bring about meaningful change to benefit business and its citizenry.

“SA is a diverse country and like other coalition governments globally, has its challenges. It is not unusual in coalition governments for some level of contesting to happen regarding the national budget.

“It is important to note that the Budget has many problems. Government’s debt is at R6t, which is too high, but the coalition is working to stabilise it.”

He attributes structural challenges, like state-owned companies, inefficient mismanagement, and poorly run entities, as part of the problem, but said reforms are being implemented to deal with the core issues.

“Despite the noise and disagreements, measures are being taken.”

He added instances where the issues set back the economy even further, such as the 2008 energy crisis.

“To date, even if we have stable electricity, the cost of electricity is too high, preventing growth within the economy.”

Sarupen also mentioned Transnet as a major stumbling block. “Inefficient ports and railroads cost the industries R1b daily. We can not continue with an economy that has functioned the way this one has so far.”

Unemployment and inequality remain a ticking time bomb, said Sarupen.

Other issues include increasing tax compliance, reducing government expenditure, encouraging competition and reducing telecommunications costs, dealing with the water crisis and growing healthcare infrastructure.

“The government has questions it needs to answer.”

Regardless of these setbacks, he is confident they will reach a mutually beneficial agreement between the State and its citizens. He says the State is looking at cutting costs and making smart choices that will ensure the country runs smoothly.

“Uncertainty is a defining moment to make meaningful choices that will positively impact the country for years to come.”

He turned his attention to Springs business owners.

“We need your trust and patience while we work on positive growth, responsible policies and good reforms.”

The chamber’s president, Dr Roney Ndala, followed with his presidential report highlighting the chamber’s highs and lows, which included signing the Memorandum of Understanding, a historical partnership between the industry and the metro.