Cape town: Deputy President Paul Mashatile has emphasized that the current Black Economic Empowerment (BEE) law requires a review and potential amendments rather than a repeal to address its shortcomings.
According to South African Government News Agency, during a recent oral reply in the National Assembly, Mashatile highlighted that the main objective of reconsidering the Broad-Based Black Economic Empowerment (B-BBEE) policy and legislative framework is to ensure inclusivity. He underscored the necessity of allowing the majority of South Africans, who were previously excluded from economic opportunities, to benefit from this initiative.
Mashatile conveyed to Members of Parliament (MPs) that the B-BBEE initiative is specifically crafted to assist economically disadvantaged individuals. He also recalled that when South Africa's first democratic government was elected in 1994, it was tasked with addressing past inequalities across all sectors, including politics, society, and the economy.
Since then, the government has implemented a comprehensive program to establish a legislative framework aimed at transforming South Africa's economy. Mashatile stated, "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."
He further elaborated, "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."
Mashatile has reassured South Africans that the government remains steadfast in its commitment to making the B-BBEE legislation and policy framework more inclusive, aiming to benefit the majority of the population.