National Empowerment Fund CEO earns R2m more than President Cyril Ramaphosa: DA

Macpherson said the NEF was set up in 1998 to provide capital funding for black entrepreneurs and “while their initial work showed some success after being funded by government, repeated budget cuts have rendered the entity without funding, except to fund their overpaid executives at a combined total of more than R17 million”.

The DA believed the objectives of the NEF were best served by being incorporated into the Industrial Development Corporation . “This is something that the parliamentary committee for trade and industry has discussed for a number of years, yet little action has been taken,” he said. “The time for talking is over. We cannot spend money to fund the lifestyles of overpaid civil servants at the expense of entrepreneurs who are desperate to scale up their businesses and create jobs.”

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Empowerment fund under fire for paying CEO more than Ramaphosa’s salaryThe NEF continues to be hamstrung by a lack of funding that has rendered it unable to respond to the huge demand for financial assistance by black businesses
Source: BDliveSA - 🏆 12. / 63 Read more »

US ambassador to SA Lana Marks vows to prioritise tradeSA-born Marks says US President Donald Trump and the US Congress have faith in President Cyril Ramaphosa's efforts to revive the SA economy
Source: BDliveSA - 🏆 12. / 63 Read more »

The new district development model could be a game-changerIf local government is being driven by competent men and women, the district development model possesses the qualities to be a game changer in South African public policy, development and service delivery, writes Yamkela Fanisi
Source: City_Press - 🏆 7. / 72 Read more »

PSC backs Ramaphosa's plan to build local economy | IOL NewsPresident Cyril Ramaphosa plans to revive small businesses in the country received a major boost after the PSC pledged to ...
Source: IOL - 🏆 46. / 51 Read more »

Ramaphosa leads delegation to BRICS Summit in Brazil | IOL NewsPresident Cyril Ramaphosa will lead the South Africa delegation to the 11th BRICS Summit to be held in Brasilia, Brazil on Wednesday and Thursday.
Source: IOL - 🏆 46. / 51 Read more »

#SixMonthsInPower - GBV scourge continues despite Ramaphosa's 5-point plan | IOL NewsSixMonthsInPower Almost 6 months after Cyril Ramaphosa took office as SA president, the scourge of violence against women and children has continued unabated. This is despite the introduction of a 5-point emergency plan and a pledge of R1bn.
Source: IOL - 🏆 46. / 51 Read more »