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Khoza calls for visionary leadership

May 22 2012 12:38 Sapa

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 242.07
Change 2.63
% Change 0.01
Cumulative volume 294353
Market cap 124.42bn

Last Updated: 28/07/2014 at 03:42. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - An absence of visionary leadership is a major stumbling block for entrepreneurs in South Africa, Nedbank Group [JSE:NED] chairperson Reuel Khoza said on Tuesday.

"Leadership at all levels should demonstrate a commitment to creative freedom," he told delegates to a microfinance conference in Sandton.

Small, medium and micro enterprises (SMMES) should form the backbone of South Africa's economy.

"Big business and the state cannot provide enough jobs," he said.

Entrepreneurs in the informal sector experience police harassment. Within 18 months of existence, many SMMES "fall off a cliff into an abyss".

"Some struggle on as subsistence businesses. They do not grow beyond that."

A lack of finance is not necessarily the key obstacle. Finance is in fact more available in South Africa than in many other countries. The bigger problem is the lack of an enabling environment.

According to the World Bank, South Africa is one of the most difficult countries in which to do business.

In Singapore, the state requires three simple procedures which take three days and cost 0.01% of per capita income to start a business.

In South Africa, five complicated procedures are needed. These take 19 days and cost 0.3% of income, said Khoza.

Several leaders, including President Jacob Zuma, have spoken of the need to develop townships into thriving centres of business.

"This will remain a dream until it becomes easier to do business," Khoza warned.

 
reuel khoza  |  entrepreneurs  |  leaders  |  smmes
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