Speaking at the Nedbank Top Empowerment Conference in Sandton, Godongwana defended the policy,
Image: Armand Hough/Independent Newspapers
Finance Minister Enoch Godongwana has defended the Broad-Based Black Economic Empowerment (BBBEE) policy, saying it remains an important tool for transforming South Africa’s economy.
His comments come as debate about the policy continues to grow, with political parties such as the Democratic Alliance (DA) and Freedom Front Plus (VF+), as well as controversial right-wing groups like AfriForum, calling for the country's empowerment laws to be scrapped.
Earlier this year IOL also reported that former (DA) federal council chairperson Helen Zille reiterated the DA’s long-held stance against race-based policies, arguing they are not the best way to address the legacy of apartheid and colonialism.
Speaking at the Nedbank Top Empowerment Conference in Sandton, Godongwana defended the policy, which was introduced to address the inequalities of the past under apartheid.
He said BBBEE remains an important tool to promote economic transformation in South Africa.
"There is little value in preparing people for industries that are no longer growing. Inclusion must move beyond compliance and certifications. It must be visible in real economic participation through contracts, procurement opportunities, and thriving enterprises," Godongwana said.
"We must move from fragmented, siloed approaches to integrated ecosystems where government, business, and communities work together in alignment".
Godongwana said there is nothing wrong with questioning the policy after 30 years, as long as the aim remains to improve it and make it work better.
"Transformation, therefore, cannot be treated as a box-ticking exercise. It is a strategic imperative. It must be designed to attract investment, build enterprises, expand ownership, and create meaningful impact," he added.
"When empowerment is real, it not only transforms individual lives but also strengthens communities and drives national growth".
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