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· Many small, medium-sized and microenterprises (SMME) businesses were destroyed in South Africa during the current unrest
· Some of these small businesses were not insured and those who lost everything would have to bear the brunt of it
· The latest reports indicate that more than 200 malls have been looted or destroyed and over 600 stores burnt or damaged so far
Many small, medium-sized and microenterprises (SMME) businesses were destroyed in South Africa during the current unrest. Some of these small businesses were not insured and those who lost everything would have to bear the brunt of it.
Already buckling under the pressures of the COVID-19 pandemic and high unemployment, SMMEs are the hardest hit businesses that are struggling to recover. The present turmoil would add to the already heightened unemployment rate. Last year, the Small Business Institute (SBI) conducted a survey, which revealed that as many as 55,000 SMMEs may not survive the onslaught of pandemic. Compounded with the unrest triggered by jailing of former president Jacob Zuma, the economic situation is becoming murkier.
The latest reports indicate that more than 200 malls have been looted or destroyed and over 600 stores burnt or damaged so far. President Cyril Ramaphosa said that the looters and trouble makers are being instigated by the supporters of Zuma, who is trying to create constitutional disorder in the country. At least 212 lost their lives – 180 in KZN and 32 in Gauteng.
