President Cyril Ramaphosa says Broad-Based Black Economic Empowerment (BBBEE) will not be scrapped.
He was replying to a call by Democratic Alliance leader Mmusi Maimane to stop BBBEE during Thursday’s debate of the Presidency’s budget vote in the National Assembly.
Ramaphosa says while redress is slow, too many black people have benefited from this policy for it to be scrapped.
He says, “Honorable Maimane we are not going to scrap BBBEE, it has contributed to significant growth of the black middle class, to improvement in equity and enabled black people and women to become owners of businesses.”
The fundamental objective of BBBEE is to advance economic transformation and enhance the economic participation of black people in the economy.