The City of Cape Town has received positive news as the latest StatsSA Quarterly Labour Force Survey for October-December 2022 indicates a decline of 2.6 percentage points in unemployment.
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Although Cape Town currently holds the lowest unemployment rate among the metros, there is still much work to be done in order to promote economic growth that will gradually lift people out of poverty.
According to the expanded unemployment definition, Cape Town’s unemployment rate now stands at 26.9%. This definition offers the most comprehensive estimate.
Mayor Geordin Hill-Lewis said, “Governments that have successfully lifted people out of poverty have all understood a simple truth: that good government underpins investment, investment underpins economic growth, and economic growth lifts people out of poverty.”
“Our higher purpose in Cape Town is to support meaningful economic growth that helps more people into work and out of poverty, over time. Having the lowest unemployment means we are making progress, and we take encouragement from these figures, but they are still far too high. We must keep doing more to drive economic growth.”
According to Hill-Lewis, Cape Town continues to lay the groundwork for economic growth through various priority programmes, which include:
- Ending loadshedding over time, including the three-phase procurement for loadshedding protection and “cash for power” programmes
- Good financial governance, with a clean audit for 21/22 to underpin reliable basic service delivery and investor confidence
- A R120 billion pipeline of planned infrastructure projects over 10 years
- Improving ease of doing business, including enhanced e-services for development applications, municipal billing, and reporting of service delivery issues
- Investment incentives including one-stop investment facilitation, incentivised electricity tariff, waiving of fees, and fast-tracking of development applications
- Advocacy for policing powers and control of passenger rail to be devolved for the metro to fix these critical sectors
The City’s plan for expansion, as stated by Alderman James Vos, Mayoral Committee Member for Economic Growth, encompasses a wide range of industries while also catering to specific industries.
“This allows us to gain a large-scale understanding of what is needed within the metro for opportunity to flourish, while simultaneously nurturing industries that have shown huge growth potential. These include greentech, business process outsourcing (call centres), tourism and marine manufacturing,” said Alderman Vos.
In addition to the above, Alderman Vos added that the City will enhance its assistance programmes for businesses and investment, take initiatives for workforce development, and take measures to position Cape Town as the most business-friendly place in Africa.
“Through City programmes such as Jobs Connect and the Cape Skills and Employment Accelerator, we are helping thousands of Capetonians to source skills training and work opportunities in and around the metro. Entrepreneurs have ready access to City-funded training and investors can speak to our Investment Facilitation Branch about growing their developments in Cape Town. Through these programmes and platforms, we have built avenues of access for thousands of people and we are going to keep pushing,” concluded Alderman Vos.
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Picture: City of Cape Town