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BBBEE must set limits

12 November 2012, 15:00
It is very disturbing that even after the hard fought for democracy we are still facing unfortunate realities of wealth inequalities. The fact is that we have many Blacks who are hardworking and in reality are the main drivers of our economy yet they remain at the very bottom when it comes to wealth echelons.

The Gov has worked hard to ensure that many Blacks are helped in climbing the echelons of wealth hence the introduction of the BBBEE Act and many other Acts meant to address the injustices done by the Apartheid System. This however has resulted in ONLY benefiting a few elite who are known to the public and possess a certain control over the public and sadly it is constantly them who are benefiting from BBBEE deals.

In a country that is experiencing so much social ills we really cannot afford to have Acts that are ensuring that only a certain people benefit whilst the majority are deprived due to not having the required capital to acquire the stakes. The BBBEE Act should be crafted in a way that is progressive as its mandate is to ensure that the PDIs are afforded opportunities to benefit and be advanced economically, not to make certain Blacks to be super rich and overlook the majority.

Tha BBBEE Act should be changed and be stringent by clearly stating that no one Black person should benefit from more than 10 BBBEE deals or limit total benefit to R50 million per individual so that many Blacks can qualify and benefit from this important and necessary Act. Those who want to be Billionaires must do that at their own expense and not of the majority poor South Africans. The BBBEE is not meant to make Blacks instant Billionaires but to help ALL Blacks to have a fair share in the economy.

For the country to move forward we should agree that there cannot be multibillionaires constantly benefiting from an Act meant to uplift the majority, A LIMIT MUST BE IMMEDIATELY PUT. 
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