RAMAPHOSA EYES ENTREPRENEURSHIP AS THE ENGINE OF SA'S ECONOMY

The country is facing high unemployment and solutions are being sought.

President Cyril Ramaphosa delivers the keynote address at the Black Industrialists and Exporters Conference taking place at the Sandton Convention Centre in Johannesburg on 20 July 2022. Picture: GCIS.

Nokukhanya Mntambo 

JOHANNESBURG - President Cyril Ramaphosa said there's a growing need to champion entrepreneurship as the engine of the South African economy.

The country faces a high unemployment rate - which reached a record high of 34.5% in the first quarter of the year.

This while solutions were being sought.

The country's youth make up a large portion of this staggering figure.

Speaking at the Black Industrialists and Exporters Conference in Sandton on Wednesday, Ramaphosa admitted that black business owners were still facing hurdles, including unfavourable policies and a lack of capital.

But the president assured delegates that the government remained committed to providing support to small and medium-scale business owners.

He said the aim was to create opportunities, support innovation and boost competitiveness in the country's economy.

"We need to talk about the private sector procurement, about value chains, about access to finance for emerging black businesses and about how existing systems militate against emerging black businesses.

"Yes, let us be open and honest and talk about how the private sector can enhance the growth of black businesses," said the first citizen.