Bokone Bophirima’s economy is experiencing steady growth despite the tough global economic climate.
During his 2018 State of the Province Address (SOPA) at Marikana Community Hall, Premier Supra Mahumapelo, said he is happy with the rate at which the province’s economy is growing.
“I am pleased to report that our economy grew by 3.4% during the first quarter of 2017 followed by another 4.9% for the second quarter and another 4.3% for the third quarter. During the same period, the national economy grew by -0.6% for the 1st quarter, 2.8% for and second quarter and 2% for the third quarter,” he said.

“During the same period, the national economy grew by -0.6% for the first quarter, 2.8% for the second quarter and 2% for the third quarter. We are cautiously awaiting the fourth quarter results in a few weeks from now. I am optimistic that they will not disappoint us,” said Mahumapelo.
Mahumapelo said the steady economic growth rate was as a result of mechanisms the fifth administration had developed to combat unemployment, poverty and inequality. He said these factors have a negative effect on the provincial economic growth rate.
The Premier said the provincial government has developed strategic measures to address unemployment, inequality and poverty.

“One of the trademarks of the fifth administration is the focus on improving the lives of all those who call Bokone Bophirima their home. As a result, the fifth administration has developed various measures to combat unemployment, poverty and inequality, which had negative effect on the provincial economic growth rate. Our provincial economic growth rate is now moving in the right direction.

He added that he is optimistic because the provincial government has adopted an economic growth strategy anchored on Agriculture, Culture and Tourism (ACT), the three industries with an unlimited lifespan.

“We have placed mining as a strategic tributary sector to grow the provincial government economy. We are pleased to report that our economy grew above the national average in the last quarter. We are also excited that our choice of agriculture as the lead sector in our economic growth strategy has been vindicated.

“Agriculture made the largest contribution by a significant margin to the improved growth of our economy in the second and third quarters of 2017. This was also announced by South African president, Cyril Ramaphosa, during his State of the Nation Address (SONA) on 16th February 2018,” he said.

Mahumapelo added that as part of the Special Economic Zone (SEZ) initiative, the province intends to bolster manufacturing capacity, particularly in the platinum sector to strengthen the role of mining as a strategic economic tributary. He said the demand for platinum globally would shoot up as China has decided to explore its use in to clean its environment.

He said R110m has been secured for the establishment of the Special Economic Development Zone (SEDZ). Mahumapelo further said the project is estimated to attract investment to the value of R 4bn.

“These will potentially create 6045 jobs over a five-year period. I am happy to report that since the pronouncement last year, the Bokone Bophirima owned security company has been established and to date, seven departments and two state-owned entities are now using the services from this establishment. Going forward, this service will also take the form of cooperatives in order to accommodate more people and fight poverty, inequality and unemployment.

“The introduction of People’ Security Services will create job opportunities for the youth across all the VTSD [Villages, Townships and Small Dorpies] areas. There is an annual budget of R400 million or R1.2 billion over the Medium Term Expenditure Framework (MTEF),” he said.

Source: http://www.semphetenews.co.za