Deputy President Paul Mashatile believes that the existing Black Economic Empowerment (BEE) law does not need to be repealed; instead, a review and possible amendments could address its shortcomings.
In a recent oral reply in the National Assembly, Mashatile stated that the main goal of reviewing the Broad-Based Black Economic Empowerment (B-BBEE) policy and legislative framework is to ensure inclusivity.
He stressed the importance of enabling the majority of South Africans to benefit from this initiative, as many were previously excluded from economic opportunities.
The Deputy President told Members of Parliament (MPs) that the B-BBEE initiative is designed to assist economically disadvantaged individuals.
The Deputy President also noted that when South Africa’s first democratic government was elected in 1994, it had a clear mandate to address past inequalities across all sectors, including politics, society and the economy.
Since then, government has launched a comprehensive programme to establish a legislative framework for transforming South Africa’s economy.
“We all want policies that ensure inclusion, most importantly, most of these reforms I am talking about are intended for exactly that. B-BBEE is currently being reviewed, and the dtic [Department of Trade, Industry and Competition] is looking at where the gaps are.
“... At the end of the day, we want legislation that will ensure we benefit the majority of South Africans.
“To an extent that there may be weaknesses. Let’s correct that. Let’s make amendments. That is why there is this review. There is no need to ditch the legislation and introduce something else, but let’s refine it and ensure that it includes the inclusivity that we are looking for,” said Mashatile.
The Deputy President has since affirmed to South Africans that government remains committed to ensuring the B-BBEE legislation and policy framework becomes more inclusive and benefits the majority of South Africans. – SAnews.gov.za
