The City of Cape Town has recently approved an extensive budget for the 2023/24 financial year to promote economic growth and improve living conditions. The city has allocated almost R200 million for various programs, including supporting work seekers, entrepreneurs, small businesses, and high-growth sectors. An additional R100 million has also been earmarked for capital works focused on the city’s strategic economic assets and informal trading infrastructure.
Economic Growth Directorate and Fostered Environment
The Economic Growth Directorate plays an integral role in these initiatives, aiming to create a thriving environment for all Capetonians. Cape Town has maintained its status as the metro with the lowest expanded unemployment rate after 279,000 more people found jobs in the past year. A capital budget of R2.6 billion has been approved for human settlements over the next three years to provide dignified living conditions.
Building a “City of Hope”
Alderman James Vos, the City’s Mayoral Committee Member for Economic Growth and Acting Mayco Member for Human Settlements, emphasized Cape Town’s dedication to building a “City of Hope” despite South Africa’s precarious economic situation. Through good governance and fiscal management, Cape Town has created a strong foundation that enables higher levels of service delivery and inclusive economic growth.
Attracting Billions in Investment and Sector Support
Cape Town’s interventions have attracted billions of rand in investment, focusing on workforce development, tourism, and partnerships within target industries. The City’s sector support has worked with high-growth sectors and engaged potential investors, both local and international.
Crucial Role of Housing Programs
Housing programs play a crucial role in uplifting the living conditions of vulnerable residents and catalyzing economic growth. The City’s focus is on acquiring land, developing well-located residential properties, maintaining rental units, transferring title deeds at no cost, upgrading informal settlements, and constructing new homes. In the previous fiscal year, the City spent over 97% of its budget on these initiatives.
More Affordable Housing Options
With the current budget, the City aims to deliver more affordable housing options by applying discounts when disposing of City-owned land to the private sector. This approach unlocks the value for combined housing developments, connecting more Capetonians to economic opportunities and enabling them to live dignified lives. With 6,500 social housing units in the pipeline and greater partnerships, Cape Town is prepared to tackle the challenges ahead.
Highlights of the Projects
Some highlights of the projects underway in 2023/24 include a R2.6 billion capital budget allocation for the medium term, spanning the next three years, a R2.4 billion total human settlements budget for the 2023/24 financial year, R341 million allocated for public housing upgrades and maintenance, R717 million for Breaking New Ground, social housing, and incremental development projects, R19 million dedicated to backyarder service enhancement, R251 million for informal settlements upgrading projects, and 6,500 social housing units in the pipeline.
A Brighter Future for Cape Town’s Residents
The City of Cape Town’s investments in economic growth and human settlements promise a brighter future for its residents. By prioritizing projects that create job opportunities, foster entrepreneurship, and enhance living conditions, Cape Town aims to become a beacon of hope amidst the economic challenges facing South Africa.
