Shell SA Chair Mtolo on how to revive the SA economy hit hard by COVID-19

South Africa has been facing severe economic challenges, exacerbated by the impact of the COVID-19 pandemic. Despite the softer lockdown restrictions allowing almost all economic activities to resume, the nation is still in dire need of rebuilding. In a recent interview with CNBC Africa, Hloniphizwe Mtolo, the Chairman of Shell South Africa, emphasized the importance of collaboration between business and the public sector to foster a more inclusive economy through transformation. Mtolo highlighted the need to include women, youth, and various segments of the population in the economic landscape. He stressed the significance of empowering these groups and giving them opportunities to contribute meaningfully to the economy. Additionally, Mtolo called for corporations to assess their role in rebuilding the economy and generating much-needed employment. One key aspect addressed in the interview was the importance of increasing diversity within companies. Mtolo acknowledged that studies have consistently shown that greater diversity leads to increased profitability. However, he recognized that despite the long-standing advocacy for diversity, progress has been slow. He emphasized the critical need for commitment from corporates to drive change and urged leaders to take a proactive approach in fulfilling their role in the economic recovery. Another crucial point raised by Mtolo was the role of large corporations in supporting small businesses, which have been significantly impacted by the pandemic. He emphasized the need for big businesses to act as 'big brothers' to smaller enterprises, particularly in the procurement process. Mtolo suggested that companies should reevaluate their procurement practices, focusing on localized sourcing and creating opportunities for smaller businesses within their value chains. The interview shed light on Shell's own efforts in collaborating with small businesses to stimulate job creation. Mtolo shared a success story of a company they had been working with, which had seen a substantial increase in employment from five to over 200 workers. He highlighted the importance of mentorship and support in nurturing small businesses to drive job opportunities for the youth and women. As South Africa navigates the challenges of rebuilding its economy post-pandemic, Mtolo's call for unity and transformation resonates strongly. The road to recovery will require a concerted effort from all stakeholders, with a focus on inclusivity, diversity, and support for small businesses. By working together and embracing change, the nation can pave the way for a more resilient and prosperous economic future.