The South African economy can be significantly boosted, and the growth of start-ups and the private sector – through businesses big and small – that create vital jobs, catalysed through two regulatory reforms: lifting exchange controls on the offshore transfer of intellectual property and introducing tax incentives for investors in start-ups.

“Our research shows that changes to the Exchange Control Regulations relating to the offshore transfer of intellectual property and offshore movement of money could create a net benefit to the South Africa economy of R426 billion over the next five years. In addition, SARS could collect a net increase of R315 billion in tax revenue over the same period. These reforms would not compromise attempts to comply with the Financial Action Task Force standards,” Provincial Minister of Finance and Economic Opportunities, Mireille Wenger, explained.

She continued, “Similarly, improving tax incentives for investors to encourage early-stage start-up enterprises could result in R927 million in total investment raised by the country’s venture capital industry over the next five years. This would result in an additional 79 start-ups, creating 1 840 jobs with total after-tax salaries generated amounting to R890 million.”

These reforms will also allow South Africa to remain competitive against other global destinations, including competitors on the African continent like Nigeria, Kenya, and Egypt.

In 2023, the South African Start-up Act Movement conducted a survey of 52 start-up founders who had moved part or all of their business offshore. Of the respondents, 42 (81%) reported that they had moved their businesses offshore to raise capital from international investors whose main concern was South Africa’s exchange controls.  Views from start-ups consulted all confirmed that investors are increasingly refusing to invest in South African-domiciled companies due to restrictions on the offshore movement of IP.

The WCG is determined to make it as easy as possible for the private sector to do business and create jobs in the province.

This objective lies at the very core of the WCG’s bold new economic action plan, ‘Growth For Jobs’ or G4J, which aims to enable a R1 trillion jobs-rich and inclusive economy, that is growing between 4% and 6% in real terms by 2035.

“The introduction of these reforms is a no-brainer. With current anaemic GDP growth rates, it is our responsibility as government to explore and introduce measures that boost growth so that we can help enable the creation of jobs in South Africa. Our comprehensive proposals, that we have shared with Minister Godongwana, the South African Reserve Bank and the South African Revenue Service, offer a relatively easy path towards achieving rapid growth and expansion in the start-ups sector, aiding South Africa’s economic recovery in the short and long term” Minister Wenger concluded.

Distributed by APO Group on behalf of Republic Of South Africa: Western Cape Provincial Government.

There was an outpour of excitment in Gambaga, in the North East Region as Vice President and Flagbearer of the NPP Dr. Mahamudu Bawumia,  cut the sod for the construction of a modern sports complex this morning.

The project, is aimed at providing modern sports facilities for the youth of Gambaga and its environs, as well as serve as a social centre for the entire community.

Speaking at the sod cutting ceremony, which, was attended by scores of excited youth, Dr. Bawumia said the Gambaga Sports Complex, when completed, will particularly help the youth to showcase their talents in sports, and also offer teams around a decent playing ground.

A couple of months ago, Dr. Bawumia commissioned a sports complex, named Naa Sheriga Sports Complex, he personally built in Nelerigu for the community and its environs,.

The contractor for the project, Wembley Sports, has promised to complete the project, which is being funded by Ghana Gas, in five months.

Facilities will include a 1000-seater stands, a VIP area, wash rooms for teams and spectators, changing rooms, office complexes, among others.

The Akufo-Addo government has built over 150 astro turfs across the country, since assuming office in 2017, a clear departure from the situation it inherited, as Ghana had only two public astro turfs in Ghana prior to 2017.

The Gambaga Sports Complex, will be the second astro turf and sports complex  by government in the North East Region, after a similar one was constructed in Walewale 4 years ago.

Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

The South African Government has learnt with sadness of devastating floods in northern Afghanistan that have claimed more than 300 lives.

The Government and the people of South Africa stand in solidarity with those affected by this tragedy and laud the emergency rescue and medical personnel in their tireless rescue efforts.

South Africa extends heartfelt condolences to the people of Afghanistan following these flash floods and offers our deepest sympathy to those families who lost their loved ones as well as their homes. 

The thoughts of the South African people are with the people of Afghanistan. 

Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.

The official launching ceremony of ECOFEST 2024 was held on Saturday 11 May 2024 at the Palais de la Culture in Abidjan in the Republic of Côte d’Ivoire. Organised by the Commissions of the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (WAEMU), in partnership with the Republic of Côte d’Ivoire, the first edition of ECOFEST will be held from 21 to 28 September 2024 in Abidjan, under the theme: “Culture, a catalyst for peace, diversity and economic and social integration in West Africa”.

The aim of this high-level cultural event is to promote the values and cultural identities of the peoples of the Community with a view to strengthening regional integration through the blending of the region’s populations. The festival also aims to usher in a new era in the celebration of West African cultural diversity and to reaffirm the role of culture as a driving force for integration, social cohesion and the socio-economic and cultural development of West Africa.

The 2024 edition of this regional festival was officially launched by H.E. Mrs Françoise REMARCK, Minister of Culture and Francophonie, representing H.E. Robert Beugre MAMBE, Prime Minister of Cote d’Ivoire, in the presence of H.E. Mrs Damtien L. TCHINTCHIBIDJA, Vice-President of the ECOWAS Commission, Professor Fatou SOW SARR, ECOWAS Commissioner for Human Development and Social Affairs, and Mr Mamadu Serifo JAQUITE, WAEMU Commissioner for Human Development. A number of distinguished guests and personalities from the West African artistic and cultural world took part in the colourful launch, which was marked by speeches, performances by artists and a choreographic display.

The choice of Abidjan to host the 1st edition of ECOFEST is only fair, according to the WAEMU Commissioner. According to him, the economic capital of Côte d’Ivoire was the city originally chosen by the initiators of this festival. “It was at the ECOWAS UEMOA technical secretariat meeting on June 4, 2018, in Abuja that we decided to join forces to bring to fruition this project, which has been on the ECOWAS agenda since 1987,” added Mr Mamadu JAQUITE about the origins of ECOFEST.

In her speech on behalf of H.E. Dr Omar Alieu TOURAY, President of the ECOWAS Commission, H.E. Madame Damtien L. TCHINTCHIBIDJA thanked His Excellency Alassane OUATTARA, President of the Republic of Côte d’Ivoire, and the Ivorian authorities for accepting to host the first edition of ECOFEST. She also stressed the importance of this festival for the West African region in the following terms: “In a shared vision of bringing people together and creating wealth from the creative industries, the ECOWAS and UEMOA Commissions have chosen to co-organise ECOFEST to breathe new life into the event and strengthen exchanges between West African Member States. This event is intended to be a framework for multicultural and multidisciplinary exchange that will reinforce our desire to better conserve and promote West African heritage in accordance with the wishes of the Heads of State and Government.”

In launching the event on behalf of H.E. Robert Beugre MAMBE, Prime Minister of Côte d’Ivoire, Minister Françoise REMARCK recalled that the decision to host ECOFEST was taken by the President of the Republic of Côte d’Ivoire, who attaches great importance to all initiatives that contribute to strengthening regional integration. For the people of Côte d’Ivoire,” she said, “it is a source of pride to welcome, in a few months’ time, the talents of the various countries with which Côte d’Ivoire shares the values of peace, social cohesion and tolerance, all of which contribute to greater regional integration in economic and social terms. “Culture is the mirror of our collective soul, the reflection of our traditions, our history and our identity. It is filled with symbolism and history, and today we are planting the seeds of a celebration of the diversity of our artistic expressions, the richness of our heritage and the vitality of our contemporary creations,” concluded Minister REMARCK.

ECOFEST, which will bring together the 15 ECOWAS Member States, including the eight from UEMOA, will be an opportunity to commit public authorities, public and private players in the cultural sector to promoting the cultural wealth of the West African region.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).