Dhaka, Bangladesh
‘Africa not to scrap broad-based black economic empowerment’

‘Africa not to scrap broad-based black economic empowerment’

Cape Town, July 19: South Africa will not scrap broad-based black economic empowerment (B-BBEE) because it has brought real material benefits to black South Africans, women and persons living with disabilities, President Cyril Ramaphosa said on Thursday, reports Xinhua. B-BBEE has contributed to the significant growth of a black middle class, to improvements in employment equity and enabled black people and women to become owners and managers of businesses, Ramaphosa said in Parliament during a debate on his budget vote speech delivered on Wednesday. He was responding to repeated calls for the government to abandon B-BBEE which has been criticized for being ineffective in reshaping the economic structure of South Africa. B-BBEE is a form of economic empowerment initiated by the ruling African National Congress (ANC) with the aim of distributing wealth across as broad a spectrum of previously disadvantaged South African society as possible. "Whilst we acknowledge that the pace of change has been slow, it has not been insignificant," Ramaphosa said. Far from abolishing B-BBEE, now is actually the time to strengthen it, to make it more effective and to ensure that it is aligned with our efforts to promote investment and increase employment, the president said. Ramaphosa vowed to address inequality in the country. There cannot be a lasting peace without justice, and in a country that still bears the scars of inequity and skewed development, there can be no peace without social justice, he said.

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