S-African president defends black economic empowerment strategy

(MENAFN) President Cyril Ramaphosa delivered a strong defense of Black Economic Empowerment (BEE) during the Black Business Council’s annual summit, challenging critics and questioning whether their opposition stems from fear or envy. Speaking in Kempton Park, Ramaphosa reaffirmed the government’s commitment to transformation policies designed to address South Africa’s entrenched inequalities.

He emphasized the importance of a planned national dialogue to tackle pressing socio-economic challenges and stressed that genuine economic growth depends on meaningful transformation. Ramaphosa highlighted the proposed Government of National Unity (GNU) as a platform to unite stakeholders behind bold reforms that promote change.

Describing transformation as the “engine of growth,” he rejected the false choice between economic growth and transformation, insisting both must proceed together for growth to be meaningful and sustainable. He praised legislative tools like the Broad-Based Black Economic Empowerment (BBBEE) framework and the Employment Equity Act as vital in creating a fairer economy.

Acknowledging ongoing racial income disparities, Ramaphosa pointed out that average white household incomes remain nearly five times higher than those of black African households, reinforcing the need for strong policy action. He argued that BEE should be seen not as a cost, but as an investment in the economy.

Urging renewed purpose and ambition, Ramaphosa called for empowerment programs to become more impactful, driving inclusive growth and job creation more effectively based on lessons from the past three decades.

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