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FASSET | Annual Integrated Report 2022/23

5. FOREWORD BY THE INTERIM CHAIRPERSON

The supportive external environment and
commodity factors that contributed to a faster
than expected recovery in 2021 and 2022
from Covid-19 lows are dissipating.

After a positive start to 2022, the impact of the
flooding in KwaZulu-Natal and the electricity crisis
and persistent constrains in network industries such
as transport severely affected economic activity, while
high inflation and unemployment have weighed
heavily on private consumption. Other factors such as
the slower global growth also affected the economic
climate of South Africa. South Africa‘s growth is
limited by structural challenges related to the ability
to combine capital and labour in a dynamic and
integrated manner that would drive sustainably long-
run growth.

As a public entity listed in Part A of Schedule 3 of
the Public Finance Management Act, 1999 (PFMA),
FASSET is established in accordance with Section 9
of the Skills Development Act, 1999 (SDA), having all
the powers granted to it in terms of this Act. FASSET’s Mr Bongani Mathibela
scope of coverage is the Finance and Accounting Interim Chairperson
Services sector as determined by Section 9(2) of the
SDA, read in conjunction with Government Gazette
No. 33756, RG 9417, No. R1055 of 11 November The drivers of value in our SETA are performance
2010. areas which benefit employers and businesses
ultimately contributing to a better economy in the
The SDA and Skills Development Levies Act, 1999 country.The value to learners includes mandatory
(SDLA) provide the framework for FASSET to develop grants, discretionary grants, research learner
and implement national, sectoral and workplace professional development (LPD) programmes and
strategies to enhance the skills of the workforce, lifelong learning interventions.
which improves employability and productivity, and
boosts the competitiveness of the country. FASSET has focussed on stakeholder’s needs and
requirement in the 2022/23 reporting year. Through
FASSET recognises that it needs to build a robust and commitment and keeping our eyes on the ball, many
sustainable skills pipeline; a cohort of finance and exceptional positive results were reached during
accounting practitioners of the highest order, primed the Financial Year. With these achievements to our
to step into positions, take charge and be influencers credit, FASSET is enabled to contribute to lower the
at all levels of the economy. As result, FASSET is unemployment rate in the country and to ultimately
focussed to enter strategic partnerships to support relieve poverty as a result, improving the lives of
economic growth with special mentioning of black South African citizens.
businesses in the small and medium enterprise sector.
One of the most topical and concerning issues
FASSET realises the impact of unemployment and affecting South Africa and its economic development
focusses on innovative stakeholder engagement and prospects is the need to address governance
programmes which include learners from especially shortfalls. To deal with this, we need strong and
the rural areas or previously disadvantaged people, effective institutions, strong legislation and early
students who are in the process of studying or seeking warning systems.
opportunities to complete studies, seeking experience
and considering a career in the financial sector.

Make the future count. | 7