Latest news with #GGT2030
The Citizen
7 hours ago
- Business
- The Citizen
Deputy Minister warns low-income countries will be hit hardest by geopolitical tensions
Deputy Minister David Masondo also warned that trade fragmentation will have a severe impact on low-income countries. Deputy Minister of Finance, David Masondo during his address at the Supreme Audit Institutions (SAIs) summit in Johannesburg. Picture: X/@SAI20org The Deputy Minister of Finance, David Masondo, emphasised that low-income countries will be significantly impacted by geopolitical tensions, which threaten the country's growth and financial stability. Masondo was speaking at the SAi20 Summit on Tuesday in Johannesburg. Sai20 is a group of Supreme Audit Institutions (SAIs) from different countries that make up the G20. He also noted that supreme audit institutions play a crucial role in auditing the government. 'They are therefore a key enabler of their countries' abilities to deliver on their infrastructure development goals, in the same way that our own supreme audit institution, the Auditor-General of South Africa, plays the key role that it does in enabling us to realise our infrastructure development aspirations.' ALSO READ: GGT2030 Team JHB cleans up Main Street ahead of G20 Summit Low-income countries to suffer He added that the impact of geopolitical tensions was acknowledged by the G20 Finance Ministers during their discussions. Masondo said trade fragmentation will severely impact low-income countries. Trade fragmentation refers to a supply chain that is broken up into different parts. For example, when companies spread the production process across different suppliers and manufacturers when they fragment. Rebuilding and maintaining infrastructure are among the focus areas for the SAi20. 'Infrastructure is a key enabler of economic development and employment creation and delivering services to citizens,' he said. Private sector role Masondo said they also aim to attract more private sector investment, as their role could help grow the economy in areas such as electricity, freight logistics, telecommunications and water. 'Given the constrained fiscal constraints and the State-Owned Enterprises' (SOEs) balance sheets, we need to mobilise private capital to finance the infrastructure.' During his address, he highlighted the role played by auditors in countries. He said audits contribute towards the ability to raise funding from development financial institutions, private sector funders and other organisations. 'Investors rely on the audit reports produced by the supreme audit institutions.' ALSO READ: Decisive intervention needed for municipal performance — BLSA The role of audit reports on countries He added that the audit reports help examine the controls needed to ensure the efficient and effective deployment of resources for the infrastructure delivery programmes. 'The supreme audit institution enhances our ability to exercise oversight on the nature, quality, and diligence of our infrastructure maintenance.' He said the audit reports are essential in ensuring that the infrastructure investment delivers value for money, reduces risks of cost overruns and corruption, and accelerates progress toward the Sustainable Development Goals. The countries have set three Sustainable Development Goals: building resilient infrastructure, promoting inclusive and sustainable industrialisation, and fostering innovation. Skills development Masondo said that education is critical for economic growth, and SAI plays a crucial role in education and skills development. 'Based on their audits, they are able to help pinpoint areas that need to be strengthened in the overall system of skills development and transition into meeting industry demands.' He highlighted that through the work of the Auditor-General of South Africa (AGSA), the country has gained insight into how its policies on skills development and education translate into action and outcomes in the lived reality of citizens. 'We have an enhanced ability to exercise oversight on the various aspects of our service delivery efforts – being able to be specific in our inquiries and interventions, particularly with respect to the manner in which resources are being deployed and the extent to which they are generating the desired outcomes.' NOW READ: SA economy expected to improve in 2025, but geopolitical risks remain
The Citizen
15 hours ago
- Business
- The Citizen
GGT2030 Team JHB cleans up Main Street ahead of G20 Summit
As the City of Johannesburg prepares to welcome global leaders for the G20 Summit in November, the GGT2030 Team JHB has taken a proactive step by launching a clean-up and community safety initiative along Main Street in Rosettenville. Director Chris Litau said that recognising the importance of presenting a cleaner, safer Johannesburg to the world, and especially to its residents, the team joined forces with Pikitup, the City of Johannesburg municipality, local businesses and dedicated community members to restore pride and safety to this vibrant neighbourhood. 'In addition to cleaning the streets, we have committed to supporting community security efforts to help curb crime in the area. Our goal is not only to beautify the streets but to contribute meaningfully to a safer and more dignified environment for all. 'This initiative is more than a once-off event. We see it as a long-term project that can create real impact by offering employment opportunities to unemployed community members. While we face challenges, particularly in securing financial support to sustain and grow the project, we remain hopeful and determined. 'We call on stakeholders, private donors and civic-minded individuals to support us in building a cleaner, safer Johannesburg. Together, we can turn this vision into a lasting reality,' noted Litau. For more information about GGT2030, contact chris@ or visit At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
