Tag: Broad Based Black Economic Empowerment (BBBEE)

In 2023 the operating environment for South African banks was more challenging than initially forecast. In addition to a weaker global economy, domestic economic activity was impacted by record levels of load-shedding (electricity shortages), logistical constraints, higher-than-expected levels of inflation and, as a result, higher-than-expected increases in interest rates. Collectively, these conditions have put increasing pressure on consumers’ finances and led to reductions in business confidence and investment in most sectors other than energy.

Headline earnings increase of 10% driven by strong revenue growth partially offset by increases in retail impairments

From 1995 to 2015, informal settlements increased by 650% and the current housing backlog has risen to 2.6 million houses. President Cyril Ramaphosa claims that the Expropriation Bill allows the government to 'expropriate land for public use, for use of our people'.

Every now and then a book comes along that is both timely and remarkable, but only a few integrate all aspects of life, from recognising one’s roots, to getting started, developing a grounding, building strong family foundations, and remaining humble when it all comes to pass.

South Africa loses R700 million a day for every stage of Eskom’s rolling blackouts. Given these catastrophic economic challenges created by the collapse of electricity infrastructure, an urgent alternative energy supply is needed to stabilise the grid.

Skills development is one of the cornerstones of Broad-Based Black Economic Empowerment (B-BBEE) and makes up a significant percentage of the scorecard. South African businesses need to shift their mindset to see it as more than just a compliance exercise. The goal of B-BBEE is not to stifle businesses but to provide a fair environment for all and uplift previously disadvantaged people to enable them to earn an income and contribute to the country's Gross Domestic Product (GDP).

If South Africa is to successfully drive job creation and achieve sustainable economic growth, the key is to enable large corporate support for Small and Medium Enterprises (SMEs). The small business sector is instrumental to creating an inclusive economy and a better life for the previously marginalised.

It is only fitting that in the month of August, we examine the strategy of Government in positioning Women, front-and-center towards Broad Based, Black Economic Empowerment, or as it is commonly referred to, BBBEE.

Both private and public sector corruption, whether moral or criminal, is a result of perverted incentives. These incentives are in turn a result of a political philosophy that regards it as at best appropriate, and at worst imperative, that policy (and political) considerations play a central role in commercial and economic decision-making. South Africa would do better to shift its focus to enterprise and away from politics.

The DTI has failed business in exchange for being BBBEE politically correct! The Department of Trade and Industry have shown an astonishing naivete at best and total disregard at worst for business sustainability, in not extending current BBBEE certificates for at least a year, because of COVID-19.