Gauteng is on a mission to boost its economy, and while reinventing the wheel sounds enticing, the focus lies on proven strategies that work. One such approach involves nurturing and growing its township economy.Recognising the potential and untapped resources in its vibrant townships, Gauteng is set to create opportunities, empower local businesses, and uplift communities, according to its MEC of Finance, Jacob Mamabolo.The province has an ambitious plan to decrease unemployment in the region by 20% by 2030 and increase its growth rate to more than 3.5%. The economic development of its townships is one of the key drivers that will deliver this.This was reiterated earlier this year when Mamabolo tabled the provincial budget indicating that a total of R493.4 billion would be injected into the Gauteng economy over the medium-term expenditure framework, of which the more significant share would go to the township economy.“One of the key drivers of the township economy is entrepreneurship,” said Mamabolo, indicating many people were starting their own businesses to generate income. “By supporting the growth of the township economy, it is indeed possible to create new jobs, increase access to goods and services, and promote much-needed economic development.”The province has indicated it will expand its offering to businesses in the township economy through what it calls the global business service sector. This will see the establishment of business hubs throughout the various townships in Gauteng, creating a conducive environment for businesses to thrive in the form of infrastructure and connectivity.
