President Cyril Ramaphosa in his weekly letter to the nation Monday has announced the appointment of a new Broad-based Black Economic Empowerment (BBBEE) Council to take forward broad-based black economic empowerment.
The announcement follows discussions between the President and the Black Business Council earlier this month on what further interventions are needed to grow black entrepreneurship, ensure black management and ownership of businesses and bring black women into the mainstream of the economy.
“This week, I am announcing the appointment of the new Broad-Based Black Economic Empowerment Advisory Council. This council, which comprises government, business, labour and other stakeholders, was established to champion the cause of economic transformation,” says Ramaphosa
Ramaphosa says the country has a shared responsibility to entrench BBBEE in order to eradicate inequality which prevents the economy from growing and flourishing.
It has taken nearly twenty years for the BBBEE council, established through a 2001 Act to be finally realised. Ramaphosa says more meaningful participation of black people in the economy is needed citing the fact that black ownership of JSE-listed companies at less than one percent in 1994 has not improved much 28 years later.
“The council has its origins in a 2001 report produced by the BEE Commission,” says Ramaphosa
He says the council which will comprise government, business, labour and other stakeholders will have the task of championing the cause of economic transformation.
Last week a landmark broad-based black economic empowerment transaction was concluded in the Eastern Cape that significantly improves the participation of black women-owned businesses in the energy sector. https://t.co/J5fIbGpz9C pic.twitter.com/esT1A6WyiR
— Cyril Ramaphosa 🇿🇦 (@CyrilRamaphosa) May 30, 2022
