{"id":227391,"date":"2022-05-30T10:06:17","date_gmt":"2022-05-30T08:06:17","guid":{"rendered":"https:\/\/www.myza.co.za\/government-committed-to-black-economic-empowerment\/"},"modified":"2022-05-30T10:06:17","modified_gmt":"2022-05-30T08:06:17","slug":"government-committed-to-black-economic-empowerment","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/government-committed-to-black-economic-empowerment\/","title":{"rendered":"Government committed to black economic empowerment"},"content":{"rendered":"
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President Cyril Ramaphosa says Black Economic Empowerment remains a pivotal part of government\u2019s economic reconstruction and recovery plan as the country recovers in the wake of the COVID-19 pandemic.<\/p>\n

Next year will mark the 20th year that the Broad-Based Black Economic Empowerment (BBBEE) Act was passed.<\/p>\n

\u201cOur commitment to entrench and deepen economic empowerment is unwavering. That is why Black economic empowerment is an integral part of our economic reconstruction and recovery in the wake of the COVID-19 pandemic.<\/p>\n

\u201cThis is one of the reassurances I articulated to the Black Business Council earlier this month, where we discussed the state of BBBEE in the country, the progress that has been made and what we need to do as a collective to build on our gains,\u201d he said in his weekly newsletter on Monday.<\/p>\n

This week, President Ramaphosa is expected to announce the new multi-sectoral Broad-Based Black Economic Empowerment Advisory Council which he said is aimed at \u201cchampioning the cause of economic transformation\u201d.<\/p>\n

The President acknowledged that while BBBEE has scored some victories, there has been \u201cregression\u201d in other areas.<\/p>\n

\u201cWe have gone backwards when it comes to increasing black management control, upscaling skills development, entrenching enterprise development and broadening procurement to give opportunities to black women and the youth,\u201d he said.<\/p>\n

Private sector transformation<\/strong><\/p>\n

President Ramaphosa highlighted that in the private sector, not much has improved with white ownership still dominating companies listed on the Johannesburg Stock Exchange.<\/p>\n

This, he said, is not reflective of South Africa\u2019s transformation agenda.<\/p>\n

\u201cAt the end of apartheid, black ownership of JSE-listed companies was less than 1%. This figure has not improved much in the past 28 years. At the same time, there have been important private sector initiatives and deliberate measures by the state to facilitate greater and more meaningful participation of black people in the economy.<\/p>\n

\u201cEconomic transformation and economic growth are intertwined. There cannot be one without the other. By integrating transformation into the process of industrialisation, we are advancing a more inclusive growth model that shares, rather than concentrates, wealth,\u201d he said.<\/p>\n

Government led initiatives to aid the empowerment of black businesses include:<\/p>\n