Eastern Cape Premier Oscar Mabuyane is determined to create an enabling environment for job creation in the province, amidst a concerning economic recession. The Eastern Cape economy has recorded negative growth, with key sectors like construction, manufacturing, and mining bearing the brunt of the decline.
- The largest contributors to the recession were construction, manufacturing, and mining
- An economist predicts a slow recovery for the province
The unemployment rate has soared to 42.4%, with over 77,000 job losses in the first quarter of 2024. The construction industry, plagued by challenges like lengthy approval processes and exploitation by larger companies, is struggling to thrive.
As the province grapples with economic hardships, Mabuyane has outlined plans to restructure the government and focus on sectors with potential for growth. With a concerted effort to attract investment and create a conducive business environment, the Premier aims to revive the Eastern Cape economy and generate employment opportunities for its residents.