Cyril Ramaphosa tells Mmusi Maimane that BBBEE is here to stay

Cyril Ramaphosa tells Mmusi Maimane that BBBEE is here to stay

- Cyril Ramaphosa says that government will not scrap the policy of BBBEE

- He made the statement in response to the DA's Mmusi Maimane

- The president claimed that BBBEE has helped too many people for it to be abandoned

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Cyril Ramaphosa has promised that Broad-Based Black Economic Empowerment (BBBEE) is here to stay.

The president made the statement in Parliament this week.

He was responding to DA leader Mmusi Maimane, who had urged that government get rid of the policy.

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The discussion took place on Thursday during the debate over the president's budget vote, Briefly.co.za has gathered.

Ramaphosa defended BBBEE, saying "it has contributed to significant growth of black middle class". He acknowledged that BBBEE had not achieved all of its goals and that progress was slow, but argued that the policy "has enabled black people and women to become owners of businesses", according to the SABC.

The stated aims of BBBEE are to provide economic redress for black South Africans and increase their participation in the economy. However, the policy has come under fire from many angles over the years.

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For example, the DA has routinely criticised the policy for allegedly benefiting a connected political elite at the expense of citizens in general.

Another criticism is that BBBEE appears not to have resulted in a broad redistribution of wealth across South African society, as inequality and unemployment have actually increased in the years since the policy was first implemented.

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Source: Briefly.co.za

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