
Cyril Ramaphosa 🇿🇦|Jun 25, 2025 12:45
Honourable Members,
Our visit to the United States focused on resetting our relationship and I believe subsequent events have proved the value of open and continued conversations with our major trading partners.
Our commitment to Black Economic Empowerment as expressed through various policy documents and statements remains steadfast.
At a broader level, through the Statement of Intent as well as the Medium Term Development Plan, the Government of National Unity is committed to translate the values of the Constitution into practice with a focus on the achievement of social justice, redress and equity.
The bill of rights of our Constitution under the equality clause states that: “Equality includes the full and equal enjoyment of all rights and freedoms.
To promote the achievement of equality, legislative and other measures designed to protect or advance persons, or categories of persons, disadvantaged by unfair discrimination may be taken”.
This anchors our commitment to legislation and policies that advance economic transformation and increase the participation of previously excluded individuals from the mainstream economy.
The Broad-Based Black Economic Empowerment Act remains a fundamental lever for transformation, as part of our broader strategy to achieve more rapid, inclusive and sustainable economic growth in the country.
As I have said before, we must dispense with the false notion that we must make a choice between growth and transformation.
Black economic empowerment is not only compatible with investment and growth, but is essential to achieve broad-based growth and prosperity.
However, despite the progress that has been made across a range of measures, we can do better. As with any other policy, we must constantly assess whether we are achieving our goals and where we can make improvements.
The Department of Trade, Industry and Competition is therefore considering a review of broad-based black economic empowerment measures to align with government priorities of ensuring industrialisation, inclusive growth, localisation and facilitating access to finance for emerging enterprises.
The purpose of the review will be to improve the effectiveness of BBBEE implementation, address gaps in implementation, set timelines and provide for strong linkages between BBBEE and industrial policies.
We need to ensure that our BBBEE policies support inclusive growth, just as we need to ensure that growth supports transformation.
Our task is to strengthen BBBEE and ensure that it works effectively in promoting the participation of black people in our economy, not to abandon it.
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