Ramaphosa to appoint BEE advisory council
President Cyril Ramaphosa has said he will appoint a council to advise on broad-based black economic empowerment.
The body is being established because of inadequate progress in some measures of improving black involvement in the economy almost three decades after the end of apartheid, Ramaphosa said in his weekly letter to the nation on Monday.
Ramaphosa highlighted black management control, broadening procurement and skills development as areas that need attention.
“Economic transformation and economic growth are intertwined,” he said. “There cannot be one without the other.”
He said that the end of apartheid, black ownership of JSE-listed companies was less than 1%. This figure had “not improved much” in the past 28 years.
Ramaphosa said this council, which has its origins in a 2001 report produced by the BEE Commission, comprises government, business, labour and other stakeholders.
“This report emanated from an extensive study into the structure of the South African economy, and what was needed to transform the economy, grow black entrepreneurship, ensure greater black management and ownership of businesses, and bring black women into the mainstream of the economy,” the president said.
“Next year, it will be two decades since the Broad-Based Black Economic Empowerment (BBBEE) Act – which established the council – was passed.”
- Fin24
The body is being established because of inadequate progress in some measures of improving black involvement in the economy almost three decades after the end of apartheid, Ramaphosa said in his weekly letter to the nation on Monday.
Ramaphosa highlighted black management control, broadening procurement and skills development as areas that need attention.
“Economic transformation and economic growth are intertwined,” he said. “There cannot be one without the other.”
He said that the end of apartheid, black ownership of JSE-listed companies was less than 1%. This figure had “not improved much” in the past 28 years.
Ramaphosa said this council, which has its origins in a 2001 report produced by the BEE Commission, comprises government, business, labour and other stakeholders.
“This report emanated from an extensive study into the structure of the South African economy, and what was needed to transform the economy, grow black entrepreneurship, ensure greater black management and ownership of businesses, and bring black women into the mainstream of the economy,” the president said.
“Next year, it will be two decades since the Broad-Based Black Economic Empowerment (BBBEE) Act – which established the council – was passed.”
- Fin24
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