‘SA’s G20 presidency an opportunity to boost entrepreneurship’

President Cyril Ramaphosa says South Africa’s Presidency of the G20 also presents opportunities for small businesses and co-operatives. He says the rate of entrepreneurship in the country remains low by continental standards.

I invite you to participate in #G20 Working Group that the Minister will be convening. We require your innovation to showcase to the world our capabilities in the MSME sector

— Cyril Ramaphosa 🇿🇦 (@CyrilRamaphosa) November 22, 2024

Ramaphosa says the government must focus on providing a conducive environment for business to drive economic growth and create jobs.

He was speaking at the Presidential Micro, Small, and Medium Enterprises and Co-operatives Awards presentation ceremony in Midrand, Johannesburg.

“As we bring the world next year for the G20, we want a special focus and working group on micro, small, and medium enterprises, so through this you’re going to be in the spotlight. I want you to take the opportunity to come forward with ideas. The opportunity of being President of the G20 as a country.”

Meanwhile, government says it is working with large corporates, banks and non-banking financial institutions to create one-million new micro, small and medium enterprises over five years.

Speaking at the same ceremony in Midrand, Minister of Small Business Development Stella Ndabeni-Abrahams says that more needs to be done to promote a culture of entrepreneurship in the country.

“To achieve these one-million new MSMEs, stakeholder agreed to prioritise the following five game changers: A Start-up Policy/legislative framework which could include a new Startup Act. The Township and Rural Economic Development and Revitalisation Policy. The Refuelled Incubator/Accelerator Programme. Implementing the MSME and Co-operative Funding Policy, including establishing a Fund of Funds,” Ndabeni-Abrahams explains.

BELOW: South Africa’s G20 presidency a significant milestone