The South African government is moving forward with plans to establish a state-owned bank and pharmaceutical company.
- The bank, known as the Postbank, has already been established as a division within the South African Post Office and is currently waiting for approval to operate as a fully-fledged bank.
- The pharmaceutical company, known as Ketlaphela, is a joint venture between the government and private sector partners and aims to manufacture essential medicines locally.
- The establishment of these entities is part of the government’s broader plans to create jobs and stimulate economic growth in the country.
- The Postbank and Ketlaphela are expected to contribute to the government’s efforts to promote financial inclusion and improve access to healthcare in South Africa.