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15% of money made in Soweto stays in the community

Thami Mazwai says its about time the money of Soweto develops the township itself.

The Orlando Towers in Soweto. Picture: Sapa.

JOHANNESBURG - A township economy revitalisation summit has heard that only 15 percent of the money made in Soweto stays in the local community while the rest is used to build up other residential areas.

This is the first summit of its kind, which was promised by Gauteng Premier David Makhura during his State of the Province address earlier this year.

Executive chairman of Mtiya Dynamics, Thami Mazwai, told delegates that Soweto's economy benefits its residents as well.

"We keep on talking and we say, man these towns are so advanced, forgetting that this is the money of the people of Soweto that has developed these towns. It's about time that the money of Soweto develops Soweto itself."

Makhura says the provincial government will look at several interventions to make sure township residents benefit from their local economies.

He told township entrepreneurs that government wants to pass appropriate laws to encourage them to develop their businesses.

Entrepreneurs also raised concerns about foreigners taking away business in the townships.

Makhura says this is one of the issues government wants to address.

The Gauteng government has also promised to help entrepreneurs with training and finance.