Africa-Press – South-Africa. Deputy President Paul Mashatile delivered the keynote address to the annual Black Business Council dinner on Friday, highlighting the success of black economic empowerment (BEE) initiatives but lamenting the ongoing lower participation of women in the economy.
Women’s economic empowerment was central to the global development agenda and critical for gender equality. Mashatile said:
He said the government would continue to improve the implementation of BEE and had already achieved significant gains over the past two decades. By 2021 there were approximately 2.5 million black-owned businesses across the country, collectively accounting for between 28 and 35 per cent of GDP.
“Black-owned companies have made significant advances in various industries, including manufacturing, services, and technology. Black business is also claiming an increasing share of contribution to GDP growth, a trend we must accelerate. ..Nevertheless, there is still more work to be done. In order to see positive results from this policy, its execution must be strengthened and streamlined. We must work together as social partners to ensure its success.”
However, there was a growing trend among SA companies not to report BEE transactions to the government despite this being a legal requirement.
“According to the 2021 National Status and Trends on Broad-Based Black Economic Empowerment Transformation Report, the B-BBEE Commission’s B-BBEE Portal submissions have decreased from 5 818 in 2019 to 1 475 in 2022 due to low compliance levels,” he said.
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