Stakeholders urged to tackle over-indebtedness
Friday, July 24, 2015
Maphongo
The Minister of Trade and Industry Vincent Seretse made the call at the Bayport Financial Services’ fifth anniversary celebrations on Wednesday evening.
The minister said consumers’ ignorance and recklessness to ruthless on the part of certain providers has left the country with a problem of over-indebtedness.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...