MEC Mamabolo on key takeaways from Gauteng’s medium term budget policy

The Gauteng province in South Africa has adjusted its budget higher by R4.5 billion to drive economic growth and support key sectors such as energy, infrastructure, and job creation. Gauteng Finance MEC Jacob Mamabolo shared insights on the province's medium-term budget policy during a recent interview with CNBC Africa. The province's larger medium-term budget now stands at R163.5 billion, reflecting a strategic increase in capital expenditure to stimulate economic development. Mamabolo emphasized the importance of aligning the province's economic performance with national trends, highlighting key sectors that play a vital role in driving growth. The financial services sector, freight and logistics, and construction were identified as critical components contributing to the province's economic landscape. Mamabolo announced significant investments in infrastructure projects, including the allocation of $240 million to improve local roads in Enfield and the municipality along the Val River. These enhancements are expected to boost economic potential and facilitate long-term economic growth. Moreover, the province is committed to addressing energy challenges by partnering with City Power and allocating $440 million to enhance grid and non-grid solutions, aiming to combat load-shedding and provide stability for investors. Mamabolo reiterated the importance of business continuity and crime-fighting initiatives, emphasizing a $40 billion allocation to operationalize a crime coordinating center, which is essential for maintaining a positive investment climate. Regarding capital expenditure, the province plans to increase infrastructure spending to $12.3 billion, focusing on critical areas such as water, roads, and bulk infrastructure to support direct investments and stimulate economic growth. Mamabolo underscored the significance of infrastructure development in enhancing the province's economic performance and attracting investments. In collaboration with private sector players, the Gauteng government aims to improve transparency, efficiency, and delivery in infrastructure projects through smart technologies and stringent monitoring mechanisms. Mamabolo also addressed unemployment concerns by outlining the province's job creation initiatives, including the 'Nazi Spanny' program designed to create job opportunities in partnership with the private sector and government. The province's economic parameter indicates a positive trend in job creation within the community services sector, showcasing Gauteng's commitment to driving employment growth and leading the way in job creation efforts. With a clear focus on strategic investments, infrastructure development, and job creation programs, Gauteng Province is poised to position itself as an economic powerhouse and a hub of opportunity in South Africa.