The Gauteng Department of Economic Development (GDED) plans to launch an investigation into the abuse of overtime and the lack of accountability for funds earmarked for youth development projects, it said on Thursday.

Stating that it was “committed to sound financial management and the transparent use of public funds,” the department had started to implement new controls and was in the process of adopting preventive policies, the department said in a statement.

This came as the department reported having received an unqualified audit for the 2012/13 financial year, realising 64% of its planned targets for the previous financial year and exceeding its targets in crucial areas such as enterprise development and support. 

“A total of 33 437 small businesses and cooperatives have benefited from the department’s various development interventions and funding. This number is above the five-year target of 30 000 that we set at the beginning of the term of office in 2009,” said the GDED.

It further reported that, in the past year, initiatives targeting small businesses and cooperatives yielded 1 344 permanent jobs and sustained a total of 3 392 jobs.

“We have also drastically reduced the number of days for the payment of suppliers from 30 days to an average of 14 days,” the department noted.

While acknowledging that youth unemployment remained a “pressing” matter, the GDED said it had made headway in supporting a range of youth businesses and that it was currently developing two township enterprise hubs, which were expected to be in operation by December.

“This finds resonance with our quest to build an inclusive economy in which small businesses assume an important role in the fight against unemployment, poverty and inequality,” it said in a statement.

In addition, the department reportedly facilitated 17 foreign and domestic investments in the steel beneficiation, auto components manufacturing and food processing industries.

These investments created a total of 3 209 jobs, with 2 441 of these being permanent.