CAPE TOWN - President Cyril Ramaphosa has announced a “red-tape team” to be set up in the Presidency to make it easier for companies to do business.
He’s appointed former mining boss and chairperson of the Small Business Institute, Sipho Nkosi to head up the team.• State of the Nation Address: 'We are in a battle for the soul of this country'It’s among a number of measures that Ramaphosa announced in his State of the Nation Address on Thursday night to unleash the potential of small and informal businesses, including a review of labour market regulations while continuing to protect workers’ rights.
President Ramaphosa said that a review of the Business Act and other laws affecting small, medium and micro-enterprises was underway. "There are too many regulations in this country that are unduly complicated, costly and difficult to comply with. This prevents companies from growing and creating jobs," he said."The red tape team will identify priority reforms for the year ahead, including mechanisms to ensure government departments pay suppliers within the required 30 days. The team will also work with other departments and agencies to unblock specific obstacles to investment and business growth.
A new “bounce-back” programme will replace the failed loan-guarantee scheme, making it easier for companies to qualify but the details will come later.