Johannesburg, January, 27, 2025: The Black Business Council, which has been calling for this type of fund for sometime, fully supports the establishment of the R100 billion Broad-Based Black Economic Empowerment (B-BBEE) fund. The fund is a necessary intervention by Minister Parks Tau. Economic transformation, through B-BBEE can’t be effectively implemented without the accompanying funding. Where will black people, who were excluded legislatively from participating in the mainstream economy (and are still excluded today) get money to fund their urgent and vital participation in the economy of their one and only beloved country?
The primary goal of this proposed fund is to consolidate existing B-BBEE funds, which are currently fragmented and siloed, to maximize their impact. It may not require legislative changes and does not involve imposing additional taxes as some, who are anti-transformation, have suggested.
What the Minister is doing is to rely on current legislation in order to implement this extremely important fund. The Codes of Good Practice on B-BBEE already provides for a 3% net profit contribution from measured companies to be spend on Enterprise and Supplier Development in terms of the B-BBEE scorecard.
There are also equity equivalents funds that companies who are not able to sell their shares to black people spend as well as fines that are imposed by the Competition Commission on companies found guilty of blocking entrance of new enterprises into the economy as per the Revised Public Interest Guidelines.
The deafening noise against this fund is ill-informed. Minister Tau should forge ahead and urgently implement this long-overdue practical solution.
About the Black Business Council
The Black Business Council (BBC) is the over-arching confederation that represents black professional, business associations and chambers. The primary purpose of the BBC is to lobby government on policy related matters and to play an advocacy role where policies are in place in order to accelerate the participation of black business in the mainstream economy.
By Kganki Matabane
Video: BLACK BUSINESS COUNCIL FULLY SUPPORTS THE DTIC R100 BILLION B-BBEE FUND
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