‘SA faces unemployment precipice’

Johannesburg – The question of youth unemployment remains the country’s real threat to a stable economy and must be tackled head-on as a matter of urgency.

This is the view of the former president of the National African Federated Chamber of Commerce and Industry (Nafcoc), Sabelo Macingwane.

StatsSA’s latest data places youth unemployment rate at a staggering rate of 46.3%, something that ought to be of concern to the government and society, which is described by economic analysts as “a ticking time bomb”.

Macingwane, who was expelled from the organisation said if anything, the government must carefully address this anomaly by, among others, crafting workable strategies that would accelerate economic growth to absorb as many people as possible into the labour market “if we are to end this impending human unemployment disaster”.

“Clearly these figures are shocking and place our country on the precipice. Nafcoc has been lobbying other stakeholders to find an urgent solution to deal with this crisis.”

Asked what plans his former organisation had to help businesses affiliated to his federation to survive the impact of Covid-19, Macingwane said: “We are devising new ways of not only surviving but also of trying to prosper during these difficult times. Also, we have been embarking
on country-wide roadshows.”

On the question of the transformation of the economy to help accelerate and nurture black entrepreneurs, Macingwane said: “The transformation of the economy remains a biggest priority.

“There must be demonstrable signs that these things are happening with speed in our economy, and that black business begins to immerse itself at the centre of economic activity at all levels.”

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