Cape town: Job creation and unemployment are expected to take centre stage this morning when President Cyril Ramaphosa delivers the keynote address at the News24 On the Record Summit. The two-day summit kicks off at the Cape Town International Convention Centre (CTICC) under the theme: '5 million jobs in 10 years'. The aim of the summit is to find practical solutions that will reach this employment target in 10 years. In support of the National Dialogue announced by President Ramaphosa, this News24 gathering involves small groups of expert practitioners in areas that have an impact on growth and jobs.
According to South African Government News Agency, the On the Record summit follows a nine-month research project undertaken by News24 and the Africa Centre to consult around 60 influential South Africans across academia, business, and civil society on tangible solutions that could be implemented to create five million jobs in the next decade. During the State of the Nation Address (SONA) last month, President Ramaphosa called unemployment a 'a matter of national concern'. He emphasized the importance of creating work and livelihood opportunities through public and social employment programmes. In places like Standerton in Mpumalanga, the Presidential Employment Stimulus is creating work that matters, transforming dumping sites into parks and empty yards into community gardens.
The SA Youth platform has provided millions of young people with access to work and learning opportunities for the first time. The Youth Employment Service, a partnership between business and government, placed over 200,000 young people in year-long work experience opportunities. This year, the government will also introduce regulatory changes aimed at making it easier for businesses to participate in the Youth Employment Service and create jobs for young people. The government plans to expand public employment programmes, ensuring they are better coordinated to provide income support, skills development, and pathways into longer-term work, particularly for young people and women.
To ensure inclusivity, the government is implementing a decision to increase employment equity targets of persons with disabilities in the public service to 7% by 2030 and mandate a 7% preferential procurement target across all government and public entities. To assist young people further, the government will support workplace-based learning, increasing the proportion of the skills development levy returned to employers. The National Skills Fund will be transformed into a more agile, outcomes-driven instrument to support unemployed young people in accessing workplace experience and employment.
The President highlighted that South Africa's strength lies in its ability to grow the economy. For over 15 years, the economy has experienced low growth, and actions are now driven by the need for rapid and inclusive economic growth to create more and better quality jobs. The government is playing its part by approving a comprehensive implementation plan to drive growth and inclusion through the Medium Term Development Plan. This plan aims to revive growth by creating conditions for firms to invest, maintaining a clear and stable macroeconomic framework, investing in infrastructure, and creating a conducive regulatory framework.
Investment is pivotal, particularly in public infrastructure and labour-intensive growth sectors like the digital and green economy. The South African Investment Conference (SAIC) serves as a platform to bring investors to South African shores. Over the last five years, the conference has raised R1.51 trillion in investment pledges, exceeding the R1.2 trillion target. The Minister of Trade, Industry and Competition, Parks Tau, noted the success of previous conferences, with over R600 billion already flowing into the economy, resulting in the opening of new factories, mines, and various industrial facilities.
South Africa recently experienced improved investor perception, being removed from the Financial Action Task Force (FATF) greylist and recording marginal but positive economic growth. The country also showed steadying inflation rates, with reforms starting to bear fruit and receiving an S and P Global credit rating upgrade from BB- to BB with a positive outlook. The SAIC is expected to be held at the Sandton Convention Centre on 31 March 2026.
