By Phenyo Selinda
Cape Town – As South Africa grapples with high poverty levels and rising living costs, the Government of National Unity (GNU) aims to expand the range of essential food items exempt from value-added tax (VAT). President Cyril Ramaphosa made this announcement on Thursday, highlighting the GNU’s commitment to easing the financial burden on the nation’s most vulnerable.a
Comprehensive Review of Administered Prices
During the Opening of Parliament Address (OPA) in Cape Town, President Ramaphosa stated that the GNU will undertake a thorough review of administered prices, including the fuel price formula, to identify areas where prices can be reduced. “Even at a time when many companies are making large profits, millions of South Africans are suffering as a result of rising prices,” the President noted.
Three Strategic Priorities
The President outlined the three strategic priorities that the 10 GNU parties have resolved to focus on over the next five years:
1. Driving inclusive growth and job creation
2. Reducing poverty and tackling the high cost of living
3. Building a capable, ethical, and developmental StateSupporting the Unemployed
The government has implemented various interventions to support the unemployed, including the Social Relief of Distress (SRD) Grant introduced during the COVID-19 pandemic. “The SRD Grant has provided a lifeline to millions of unemployed people,” Ramaphosa said. He announced plans to use this grant as a basis for introducing a sustainable form of income support to address income poverty.
Implementing the Indigent Policy
“We must ensure that local governments properly implement the indigent policy so that the old, the infirm, and the poor can get assistance with the payment of basic services,” the President urged. He stressed the importance of linking social assistance with other forms of support to help lift people out of poverty.
Quality Education and Asset Poverty
Ramaphosa acknowledged the crucial role of a well-functioning and quality education system in reducing poverty and driving inclusive economic growth. He also highlighted asset poverty as a significant factor exacerbating the high cost of living. “The provision of title deeds for land and subsidised housing provides people with assets that they can use to improve their economic position,” he explained.
Job Creation and Economic Policy
The President emphasised that the most effective way to address poverty is by ensuring access to jobs. To create more employment opportunities, the seventh administration will focus on processing minerals to export finished products rather than raw commodities. “We will pursue a smart industrial policy that focuses on the competitiveness of our economy and incentivises businesses to expand our exports and create jobs,” Ramaphosa said.
The government plans to develop and implement Master Plans to grow important industries, increase investment, create jobs, and foster transformation. “We are convinced that small businesses and the informal sector hold the greatest potential for inclusive growth and job creation,” the President concluded.
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