The Ministry of Commerce, Industry and Trade has reaffirmed its commitment to fast-tracking and prioritising payments to MSMEs, a move aimed at boosting job creation, reducing poverty, and driving economic growth.
Minister of Commerce, Industry and Trade Manqoba Khumalo highlighted that this commitment is embedded in the newly launched National MSME Policy 2024–2029, which recognises the vital role of micro, small and medium enterprises in the country’s economy.
He revealed that government had received concerns about delayed payments for goods and services rendered by MSMEs to government, parastatals and the private sector, and had now taken decisive steps to address them.
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“As the ministry responsible for the development and promotion of the MSME sector, we appeal to all institutions to prioritise the timely payment of outstanding invoices owed to MSMEs across the country,” Khumalo said.
The minister noted that delayed payments negatively affect sustainability, forcing businesses into loan defaults, loss of employment for workers, repossession of assets, and overall business disruption.
“MSMEs are the heartbeat of the economy. By prioritising payments, we are not only honouring obligations, but also empowering entrepreneurs to thrive, innovate and contribute meaningfully to national development,” Khumalo stated.
He stressed that many MSMEs supply goods and services through business loans, and any delays create cashflow challenges that can lead to bankruptcy.
Khumalo also disclosed that late payments at departmental level were being addressed, while urging parastatals and the private sector to expedite invoice processing.
He condemned unlawful practices where invoices were withheld until bribes were paid, calling on MSMEs to report such corruption.
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