Gauteng's finances were sound and its contribution to the country's GDP remained strong at R645bn in 2010, Nkomfe said as he presented his department's budget vote.
"What is disturbing however, Madam Speaker, is that this economic growth has not translated into employment creation, the relationship between the two remains unbalanced and not correlated," he said.
"The unemployment rate of Gauteng was a worrisome 27% as of the fourth quarter of 2010."
The finance department had committed R1.8bn over three years to facilitate inclusive economic growth, said Nkomfe.
It set aside R300 000 this financial year to implement a six-month training programme for young graduates across the province.
He said the provincial government would help municipalities collect outstanding debts, notably unpaid property rates.
His department had done this since 2009, but had now broadened the scope of its work to include collecting debt from departments and parastatals using municipal services in the province.
"The aim is to ensure that all outstanding payments for consumption of those services are made to the respective municipalities.
"In addition to the above, the department will provide the necessary oversight and support to municipalities in the province on both sustainable resource management and financial governance matters," he said.
He said improving the Gauteng education system would be a top priority for the provincial government.