Page 80 - IRMSA Risk Report 2023

TOP 5 CHALLENGES TOP 5 RISK TREATMENT OPTIONS AND OPPORTUNITIES

TARGETS ▶

TO ACHIEVING ▶

Social and economic
challenges driven by various Effective collaboration between the government, private sector and civil society
macro factors continue could result in a pooling of resources to address unemployment, through sustainable
to rise further deepening 01. means that reduce dependence on the State and free up financial resources to enable
structural unemployment and
exacerbating the poverty and government to reduce the country’s debt burden and provide basic services
inequality challenges.

Effective collaboration between the government, private sector and civil society
High fiscal deficit that continues 02. could result in a pooling of resources to address unemployment, through sustainable
to rise on a yearly basis. means that reduce dependence on the State and free up financial resources to enable
government to reduce the country’s debt burden and provide basic services

Increasing number of
government 03.
unemployed graduates that Higher education institutions to prioritise entrepreneurship in their programme
depend on offerings, as well as vocational skills training.
assistance.

The ongoing energy crisis and
general risk of collapse of other
huge operational cost burden 04. Development and implementation of sound country levels plans for new technologies
public infrastructure places a
that have the potential of being localised to spur economic growth through projects
on business and in particular, such as green hydrogen and storage.
SMEs who play a critical role in
stimulating economic activity.

Define a private sector participation framework while investing in building a capable
state through the employment of skilled personnel in government. This should result
Government’s reluctance in a capable developmental state that works alongside a dynamic and agile private
to maximise private sector 05. sector, complementing each other. Such a framework could include stepping up public
participation to address socio-
economic challenges. private partnerships that include the transfer of skills from the private to the public
sector, as well as incentivising the return of skilled and experienced South Africans that
have emigrated.

80 IRMSA RISK REPORT 2023/24