GCFO Kagiso Lerutla concerned about the economic impact of another possible global recession

As the world continues to grapple with the impact if the war in the Ukraine and the subsequent economic decline, there is growing concern about the possibility of another global recession.

For Mr Kagiso Lerutla, the Group Chief Financial Officer for the City of Ekurhuleni, this is a major worry. He recognizes that a recession could have significant impacts on the city and is taking steps to prepare for this possibility.

Lerutla understands that a global recession could lead to a decline in economic activity and a decrease in tax revenues for the City of Ekurhuleni. This, in turn, could impact the city's ability to provide essential services to its residents. As such, he's taking a proactive approach to financial management and is working to build financial resilience within the city.

One of the key steps that Lerutla is taking is to ensure that the city's financial management policies and procedures are sound. He's putting a strong emphasis on responsible financial management and is working to ensure that the city has a solid financial framework in place. This will help to ensure that the city is well-positioned to weather any economic downturns that may occur.

Lerutla is also looking at ways to diversify the city's revenue streams. He recognizes that relying solely on tax revenues can be risky in times of economic uncertainty. To this end, he's exploring alternative sources of revenue, such as grants and investments. By diversifying the city's revenue streams, Lerutla hopes to minimize the impact of any potential economic downturns.

Another step that Lerutla is taking is to build relationships with other stakeholders in the community. He recognizes that building financial resilience requires input and cooperation from many different groups, including government officials, business leaders, and members of the community. As such, he's working to build strong relationships with these groups and is seeking their input on how best to prepare for a possible recession.

Mr Kagiso Lerutla's concern about a possible global recession and its impact on the City of Ekurhuleni is well-founded. However, by taking a proactive approach to financial management and building financial resilience within the city, he's helping to ensure that the city is well-prepared for any economic challenges that may lie ahead.