CAPE TOWN - Small Business Development Minister Khumbudzo Ntshavheni is expected to unveil funding instruments that will improve the financing of small, medium and micro-sized enterprises (SMMEs) in South Africa.
According to the ministry of small business development, Ntshavheni will announce a package of measures and SMME funding instruments for improved funding of SMMEs on November 14.
The announcement comes as Statistics South Africa (Stats SA) on Tuesday announced that the country’s unemployment rate rose to 29.1 percent in the third quarter.
Statistics South Africa (StatsSA) said that the number of employed persons increased by 62 000 while the number of unemployed persons increased by 78 000, resulting in an increase of 141 000 in the labour force.
The South African working-age population increased by 149 000 in the third quarter compared to the second quarter.
There were approximately 10,3 million persons aged 15–24 years in the quarter, and 32.3 percent (or 3.3 million) of them were not in employment, education or training (NEET).
Ntshavheni noted the disheartening unemployment statics.
“She is of the firm view that the tide of unemployment in South Africa can only be turned around by the growth of the SMME sector, which must prioritise women and youth. Key to the growth and sustainability of SMMEs is improved access to funding, which has been a challenge to the majority of businesses,” the ministry said.
According to Stats SA’s Quarterly Labour Force Survey (QLFS) unemployment rose by 0.1 percent from the second quarter.