The Freedom Front Plus (VF Plus) calls on business leaders and investors to take a firm stand against the R100 billion BEE fund proposed by the ANC Minister of Trade, Industry and Competition, Parks Tau.
The original aim of Broad-based Black Economic Empowerment (B-BBEE) – to economically empower black South Africans – has not been achieved.
Under ANC rule, the system was exploited to enrich a small group of billionaires while the broader public has grown even poorer.
Professor William Gumede of Wits University recently confirmed that B-BBEE has mainly promoted elite enrichment, with minimal impact on job creation, skills development and sustainable growth. The policy has deepened inequality rather than alleviating it.
Meanwhile, extensive corruption and state capture have siphoned hundreds of billions of rand off the fiscus. Consequently, the economy keeps shrinking, unemployment keeps climbing despite reaching record-high levels, service delivery is collapsing and infrastructure is crumbling.
Now that same ANC has announced yet another R100 billion BEE fund, proposing that companies contribute 3% of their net profit to a so-called “transformation fund”.
In return, companies would receive double points on their B-BBEE scorecard, providing better access to state and corporate procurement.
A board appointed by the Minister will be tasked with managing the fund – a recipe for political interference and corruption.
The Department could not even manage the National Lotteries Commission properly, as large-scale maladministration and corruption came to light.
The Department is also wholly to blame for the closure of the 51-year-old British American Tobacco factory in Heidelberg at the end of 2026, with the consequent loss of approximately 1 000 jobs.
Its inability to curb tobacco smuggling has allowed the underworld to dominate the industry, not only destroying the legitimate market, but also causing losses amounting to billions in excise duty.
The Freedom Front Plus is the only political party that has condemned B-BBEE from day one, precisely because it benefits only a small elite.
The only thing that will stimulate meaningful economic growth, create job opportunities and truly empower all South Africans is implementing sound free-market policies.
The Freedom Front Plus will keep endeavouring to replace failed ANC policy and corruption with a clean, free-market-driven alternative that prioritises the people’s interests.
Freedom Front Plus Political Accountability: The party calls for accountability from elected officials.
Pistol Hydro
Tshego Sefolo and Londeka Shezi from Agile Capital – In 2015, after 13 years in the investment industry, Tshego Sefolo went to the market to raise hundreds of millions to launch his own private equity firm, Agile Capital. It took him and his business partner Londeka Shezi, less than a year to secure the investment, for not one, but two private equity firms. Londeka Shezi, is a director at Agile Capital, but her journey started when she completed her articles with Pricewaterhouse Coopers in 2009. She then joined Standard Bank where she worked in the Leverage and Acquisitions team, and went on to become a senior associate at Zico Group.