{"id":91943,"date":"2025-10-23T19:47:54","date_gmt":"2025-10-23T19:47:54","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa"},"modified":"2025-10-23T19:47:54","modified_gmt":"2025-10-23T19:47:54","slug":"top-banking-ceo-says-bee-has-failed-in-south-africa","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa","title":{"rendered":"Top banking CEO says BEE has failed in South Africa"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; South-Africa. <\/strong><\/span>A top South African banker criticized the nation\u2019s Black economic empowerment laws as a misfire that\u2019s failed to spread wealth or opportunity after more than three decades.<\/p>\n<p>\u201cWe don\u2019t think opportunity should be linked to party membership, which is what the application of BEE has led to,\u201d Investec CEO Fani Titi told reporters at the company\u2019s Johannesburg headquarters on Wednesday.<\/p>\n<p>\u201cAt a personal level, I think there\u2019s been a misapplication of the policy of BEE.\u201d<\/p>\n<p>Titi\u2019s remarks add to a raging debate about the benefits of South African laws that were introduced to address wealth disparities between races that stemmed from apartheid rule, an era in which Black people were subjugated and excluded from the formal economy.<\/p>\n<p>Earlier this week, the Democratic Alliance, South Africa\u2019s second-largest party and a member of the ruling coalition formed after the African National Congress lost its outright majority in last year\u2019s election, called for the laws to be replaced.<\/p>\n<p>The party said the policy has become a vehicle for state-sponsored graft, theft and fraud, and proposed an Economic Inclusion for All Bill that seeks to create a new public procurement system to promotes genuine and measurable economic empowerment.<\/p>\n<p>Almost a third of Black respondents in an Ipsos survey commissioned by Cape Town-based News24 earlier this year said the policy should be scrapped and 22% were unsure.<\/p>\n<p>\u201cI can understand the frustration that there is,\u201d Titi said. \u201cYou\u2019ve had employment-equity legislation for 30 years,\u201d yet it hasn\u2019t achieved the desired effect, he said.<\/p>\n<p>Black South Africans, who account for more than 80% of the country\u2019s 63 million people, face a far higher unemployment rate than their White counterparts \u2014 37.1% compared with 8.2%. White households on average also earn almost five times more than Black families.<\/p>\n<p>Reviving growth in Africa\u2019s most industrialized economy, which has expanded less than 1% a year on average for more than a decade, will require broadening participation and ensuring opportunities are more widely shared, Titi said.<\/p>\n<p>A system that benefits those close to power is problematic and \u201con that score the criticism of BEE is justified,\u201d he said.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">South-Africa<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. A top South African banker criticized the nation\u2019s Black economic empowerment laws as a misfire that\u2019s failed to spread wealth or opportunity after more than three decades. \u201cWe don\u2019t think opportunity should be linked to party membership, which is what the application of BEE has led to,\u201d Investec CEO Fani Titi told [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":91942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[275],"class_list":["post-91943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Top banking CEO says BEE has failed in South Africa - South Africa<\/title>\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\/top-banking-ceo-says-bee-has-failed-in-south-africa\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top banking CEO says BEE has failed in South Africa\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; South-Africa. A top South African banker criticized the nation\u2019s Black economic empowerment laws as a misfire that\u2019s failed to spread wealth or opportunity after more than three decades. \u201cWe don\u2019t think opportunity should be linked to party membership, which is what the application of BEE has led to,\u201d Investec CEO Fani Titi told [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa\" \/>\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=\"2025-10-23T19:47:54+00:00\" \/>\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\/top-banking-ceo-says-bee-has-failed-in-south-africa#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Top banking CEO says BEE has failed in South Africa\",\"datePublished\":\"2025-10-23T19:47:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa\"},\"wordCount\":374,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2025\/10\/sm_1761237199.93084.jpg\",\"keywords\":[\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/top-banking-ceo-says-bee-has-failed-in-south-africa\",\"name\":\"Top banking CEO says BEE has failed in South Africa - 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