Cape Town – One percent of South Africa’s budget would be set aside to assist with youth employment, President Cyril Ramaphosa said during his State of the Nation Address (SONA) on Thursday night.
“This will be through top slicing from the budget, which will require that we all tighten our belts and redirect resources to address the national crisis of youth unemployment,” he said. The initiative would be prioritised when Finance Minister Tito Mboweni delivered his medium term budget policy statement later in the year.
South Africa’s current youth unemployment rate is estimated at about 53%, according to Statistics South Africa.
Ramaphosa said the initiative was one of six “priority actions” spanning five years to reduce youth unemployment. The initiative would start immediately he said, under the banner of the Presidential Youth Employment Intervention.
Ramaphosa said the six actions would ensure that the capabilities of every young South African was “harnessed”, enabling them to contribute to the growth of the country.