{"id":34565,"date":"2022-07-31T20:08:45","date_gmt":"2022-07-31T20:08:45","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30"},"modified":"2022-07-31T20:18:23","modified_gmt":"2022-07-31T20:18:23","slug":"black-ownership-of-south-african-businesses-falls-below-30","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30","title":{"rendered":"Black ownership of South African businesses falls below 30%"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Black ownership of businesses in South Africa dropped 1.5 percentage point to below 30% last year, as Africa\u2019s most industrialised nation struggles to economically empower a larger portion of its population.<\/p>\n

Black management control also dropped 5.4% percentage points to 51.6%, the B-BBEE Commission said in an annual report. The commission\u2019s mandate is to supervise and encourage adherence to the Broad-Based Black Economic Empowerment Act passed almost two decades ago to address inequities stemming from apartheid in South Africa, where four in five people are Black.<\/p>\n

The downward trend has persisted despite the more than 500 B-BBEE ownership deals worth over 600 billion rand ($36.1 billion) reported to the commission since 2017 that aimed to facilitate the transfer of ownership to Black people.<\/p>\n

“There is a need for less-expensive and unencumbered funding for black people to make acquisitions that can give real value in the hands of Black people, especially from government funding institutions,” the commission said. Compliance also remains sluggish, as the number of certificates uploaded by verification agencies dropped 76% from the 2019 level.<\/p>\n

The report is based on annual compliance reports submitted from 130 listed companies, 82 state entities and data gathered from 1 373 entities whose B-BBEE certificates were uploaded to the commission\u2019s certificate portal.<\/p>\n

Other findings from the report include:<\/p>\n

The commission has called on Parliament to strengthen the B-BBEE Act to incorporate administrative sanctions for non-compliance.<\/p>\n

In June, President Cyril Ramaphosa appointed 14 people to a Black economic-empowerment council to address inadequate progress with improving some measures of Black involvement in the economy almost three decades after the end of apartheid. The president highlighted Black management control, broadening procurement and skills development as areas needing attention.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Black ownership of businesses in South Africa dropped 1.5 percentage point to below 30% last year, as Africa\u2019s most industrialised nation struggles to economically empower a larger portion of its population. Black management control also dropped 5.4% percentage points to 51.6%, the B-BBEE Commission said in an annual report. The commission\u2019s mandate […]<\/p>\n","protected":false},"author":84,"featured_media":34564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12],"tags":[274,315,2890,1021,275],"class_list":["post-34565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-black-ownership","tag-business","tag-south-africa-2"],"yoast_head":"\nBlack ownership of South African businesses falls below 30% - South Africa<\/title>\n<meta name=\"description\" content=\"Black ownership of businesses in South Africa dropped 1.5 percentage point to below 30% last year, as Africa\u2019s most indu ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black ownership of South African businesses falls below 30%\" \/>\n<meta property=\"og:description\" content=\"Black ownership of businesses in South Africa dropped 1.5 percentage point to below 30% last year, as Africa\u2019s most indu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-31T20:08:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-31T20:18:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/07\/postQueueImg_10-62e6e373398ac.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"797\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Black ownership of South African businesses falls below 30%\",\"datePublished\":\"2022-07-31T20:08:45+00:00\",\"dateModified\":\"2022-07-31T20:18:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30\"},\"wordCount\":290,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/07\/postQueueImg_10-62e6e373398ac.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"black ownership\",\"business\",\"South-Africa\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/black-ownership-of-south-african-businesses-falls-below-30\",\"name\":\"Black ownership of South African businesses falls below 30% - 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