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Tourism Equity Fund a welcome step but it’s no silver bullet for transformation

The R1.2bn Tourism Equity Fund (TEF), which was recently launched by the government in collaboration with SA’s major banks, is not a silver bullet that will transform the sector overnight, but it is a step in the right direction.

Globally and in SA the tourism sector was among the first and worst-hit sectors when the Covid pandemic struck, due to travel restrictions, curfew and capacity limitations that come with lockdowns. The sector may also be among the last to fully recover when restrictions are finally lifted.

Considering that before Covid the tourism sector contributed 8.6% of SA’s R5-trillion GDP, or R430bn, R1.2bn pales into insignificance. Using the benchmark of the BEE Codes of Good Practice and the Tourism Sector…

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