We will not abandon B-BBEE - Ramaphosa

accreditation
President Cyril Ramaphosa delivers his State of the Nation address on June 20, 2019, in Cape Town. (Jeffrey Abrahams/GALLO)
President Cyril Ramaphosa delivers his State of the Nation address on June 20, 2019, in Cape Town. (Jeffrey Abrahams/GALLO)

President Cyril Ramaphosa told Members of Parliament on Thursday that government would not scrap the broad-based black economic empowerment, although he acknowledged that the policy had been slow in achieving the economic transformation it was intended to.

Ramaphosa was replying to the National Assembly’s debate on his budget vote, which he tabled on Wednesday afternoon. B-BBEE has long been criticised as ineffective in reshaping the economic structure of South Africa.

Ramaphosa told members that while the pace of investment and economic transformation has been slow, it has not been insignificant, and the African National Congress-led government will not be abandoning B-BBEE.

"We are not going to scrap B-BBEE, because it has brought real benefits to blacks, women and persons living with disabilities. It has contributed to the significant growth of a black middle class, boosted employment equity and it has enabled black people and women to become owners and managers of businesses," said Ramaphosa.

Ramaphosa said the Presidency looked forward to working to mobilising all of society, business, labour, civil society, NGOs and political parties to grow the economy and to reduce poverty.

"Far from abolishing it (B-BBEE), now is actually the time to strengthen it, to make it more effective and make it more aligned with our goals of increasing investment and employment," said Ramaphosa.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.52
-0.3%
Rand - Pound
20.03
-0.2%
Rand - Euro
16.89
-0.2%
Rand - Aus dollar
10.85
-0.4%
Rand - Yen
0.13
-0.2%
Gold
1,776.43
+0.3%
Silver
23.88
+0.7%
Palladium
2,092.73
-0.2%
Platinum
1,050.00
+0.5%
Brent Crude
85.08
+0.9%
Top 40
60,190
-0.0%
All Share
66,776
-0.0%
Resource 10
63,288
-0.4%
Industrial 25
84,981
+0.1%
Financial 15
14,022
+0.4%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Facebook is facing a fresh crisis after a former employee turned whistle-blower leaked internal company research . Do you still use Facebook?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, the benefits outweigh the risk for me
23% - 148 votes
No, I have deleted it
48% - 309 votes
Yes, but I am considering deleting it
30% - 193 votes
Vote