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Economic empowerment not just about wealth redistribution - dti

Aug 15 2016 08:31

Cape Town - Broad–Based Black Economic Empowerment (B-BBEE) should aim to achieve growth, development and enterprise development and not merely the redistribution of existing wealth.

That’s the message from the Department of Trade and Industry’s B-BBEE Commission as it embarks on an awareness campaign on the B-BBEE Amendment Act of 2013.

“Economic growth, development and B-BBEE are complementary and related processes,” Busisiwe Ngwenya, the director responsible for compliance at the B-BBEE Commission, said in a statement on Sunday.

“Government’s approach is that B-BBEE must be an inclusive process and not an exclusive one,” said Ngwenya. “No economy can grow by excluding any part of its people and an economy that is not growing cannot integrate all of its citizens in a meaningful way.

“As such, the commission must ensure a B-BBEE process that is associated with growth, development and enterprise development, and not merely the redistribution of existing wealth."

The B-BBEE Amendment Act was enacted to create the B-BBEE Commission to oversee and monitor the implementation of the act and deal with the contravention and investigate fronting practices, amongst others.

The information and awareness sessions will also focus on the Codes of Good Practice and provide guidance on the accreditation process by South African National Accreditation System.

“Raising awareness of the basics of B-BBEE and how it affects individuals will go a long way to prevent incorrect and bad practices,” said Ngwenya. “While the Commission deals with existing problems, it is important to also ensure we minimise more from occurring in the future.”

The road-show will be hosted at the Daveyton Community Hall in Gauteng on Tuesday.

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