Johnathan Paoli
Gauteng Finance MEC, Jacob Mamabolo, announced on Thursday, that the due diligence report on the State Bank has been finalised and submitted to the Gauteng Provincial Government.
Mamabolo described this as a “major milestone that we have reached and gives the process at establishing the State Bank a thumbs up. We are now in a better position to move to the next level to consult with the Premier and consult broadly with stakeholders.
“The due diligence report clears the legal hurdles and provides Gauteng with a strong legal framework towards establishing a state-owned bank. We are now in a better position to move toward knowing very well that the work that we are doing complies with the legislation.” he added.
It is proposed that current market failures would be addressed by a state owned bank by means of integrating small, micro and mid-sized businesses (SMMEs) and unserved individuals in the formal financial sector; and drive a mission of financial inclusion and security while offering a differentiated value proposition to customers whose needs are not currently being met. In addition, tailored products will be provided, including the launch of streamlined, low-cost, transaction product sets, with value-added features.
“We are convinced that by supporting entrepreneurs, including ensuring that they have access to tailor made financing products to expand their businesses, we will create new jobs, increase access to goods and services, and promote much needed economic development in our communities.”
The due diligence report for the state-owned pharmaceutical company, has also been completed and in addition, how this proposed solution will address institutional arrangements, supply chain management, medicine procurement facilities, distribution of medicines to the Provincial Healthcare facilities, medicines inventory and dispensary to members of the Public.
This follows on the appointment of an Advisory Panel consisting of experts in pharmaceutical and healthcare policy from both the public and private sectors. These include Amos Monyela as Chairperson, Dr Harsha Somaroo, Dr Neelaveni Padaychee, Ms Lize King, Prof Rudo Mathivha, Prof Sithembiso Velaphi, Mr Saul Dikgang, Ms Swasthi Soomaroo, Dr Sebayitseng Hlatswayo, Dr Zinhle Makatini and Mr Khamusi Mutoti.
The role of this Advisory Panel has been described as providing “strategic guidance and advice on developing a business case for the pharmaceutical company and participating in consultations with relevant stakeholders.”
In addition, the Panel will function as an “important mechanism for the proper regulation and oversight of the work to be conducted and will play a critical role in providing research and development support.”
Mamabolo went on to stipulate that a meeting with the MEC of Health and Wellness, Nomantu Nkomo-Ralehoko and clinicians will be organised on Friday as part of the first stakeholder consultations. The chairperson of the Advisory Panel will be included in the meeting.
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