For the South African government to achieve its goal of creating five million jobs over ten years, the SME sector would need to grow by a staggering 40%. Pravin Gordhan, the Minister of Finance, emphasised the importance of SMEs in achieving this goal by stating that “about 70% of private employment is in firms with fewer than 50 workers”. This supports what we have always known about the SME sector: it has a critical role in supporting economic and social development.
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