BEE gave wealth and didn’t grow it

Comment on this story


NT_marimourn0

INLSA

Families arrive at the public hearing of the commission of inquiry to investigate the Marikana tragedy where 44 people were killed. Picture: Dumisani Sibeko

South Africans started designing the first draft of the black empowerment policy in 1990. The unfortunate fact is that black economic empowerment, although a work in progress, did not make any meaningful or substantial contribution towards addressing the twin ills of poverty and unemployment.

It did not address a fundamental issue, namely that for economic transformation to be successful, we had to create black entrepreneurs who were not the beneficiaries of wealth created by others.

It also did not delve deeply enough into critical issues such as the overhaul of our broader educational systems with a view towards ensuring that business principles as well as entrepreneurship were taught and instilled at an early age.

What we did, therefore, was to place decision-making in the public sector in black hands, as well as to create a new layer of wealth without deepening and broadening entrepreneurship, wealth creation and retention.

The simple fact is, whether we are white or black, there is a dire need for broader participation in the wealth of this country in a way different from the current model.

Marikana taught us that our social cohesion is fragile; that our black economic empowerment model is dysfunctional; and that we need to be creative when older models of negotiation are discarded by the disenfranchised.

If the miners at Marikana, and elsewhere, had a meaningful stake in the assets that they create, my view is that we would have had different and more positive outcomes.

Wealth is never given away, nor successfully redistributed through force, but our circumstances dictate that the wealth and ownership gap needs to be addressed as a matter of priority.

If we hesitate in doing so, we will be the architects of our own demise.

To be even more brutal, our current policy drift and general public discourse on these matters do not contribute to a solution.

The time that lapses between the crisis, the policy solution and action does not contribute to social stability or future cohesion.

I believe we should start casting our eyes wider than our own South African back yard.

In one of their latest Africa Attractiveness studies looking at foreign direct investment, audit and advisory firm Ernst & Young found that not only is SA the biggest recipient of foreign direct investment (FDI) on the continent, it is also the biggest African investor in the continent.

That SA is the leading destination for FDI projects is partly due to the fact that it is the continent’s largest and most developed economy, but also because it is virtually without peers among global emerging markets in providing a stable investment platform, with strong democratic institutions, a world-class financial and capital markets system, and an environment conducive to doing business.

In various global benchmarks measuring these kinds of factors, SA consistently ranks among the leading emerging markets, and generally well ahead of its Brics (Brazil, Russia, India, China) peers.

At the same time, and partly because it does offer such a stable investment platform, investment from SA into the rest of the continent is also growing substantially.

We are currently ranked sixth overall in terms of cumulative FDI project numbers in Africa since 2003, signifying that SA companies have invested the sixth most in FDI projects overall on the continent.

These are simple statistics, but critical in the context of creating an atmosphere of Afro-optimism, both about our own future and that of our beloved continent.

Our inward-looking commercial and economic philosophies should be complemented by outward-looking approaches that shape a new way of looking at ourselves and our continent.

They should be informed by creating opportunities, and by executing our vision of our empowerment, and not by waiting for others to develop policies that will create “wealth” in the hands of a few and mountains of debt for others.

It is time that we make the development of a strategy of how SA and its major black companies invest in Africa a priority.

Such a strategy could help guide and assist those entrepreneurs who see profit outside our boundaries, and want to reshape their businesses to tap additional markets on our continent. In seeking new markets, we can develop new partnerships, not only locally, but with international entrepreneurs looking to invest in Africa.

l Phosa is treasurer-general of the ANC. This is part of the first memorial lecture he delivered for Thamsanqa Max Maisela at the Monash Africa Centre this week.


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

SouthernLove
I'm a 23 year old woman looking to meet men between the ages of 26 and 35.
View Profile
JustChat76
I'm a 38 year old woman looking to meet men between the ages of 35 and 45.
View Profile
PowerPrincess
I'm a 41 year old woman looking to meet men between the ages of 38 and 47.
View Profile
Smurfette
I'm a 36 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Lala8610
I'm a 28 year old woman looking to meet men between the ages of 27 and 32.
View Profile
Angdt
I'm a 21 year old woman looking to meet men between the ages of 23 and 30.
View Profile
Foreverinhope
I'm a 48 year old woman looking to meet men between the ages of 45 and 56.
View Profile
AgentI
I'm a 39 year old woman looking to meet men between the ages of 35 and 45.
View Profile
ContagiousLaughter
I'm a 41 year old woman looking to meet men between the ages of 36 and 44.
View Profile
BMull08
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
Enkellopende
I'm a 42 year old woman looking to meet men between the ages of 35 and 43.
View Profile
Apple_853
I'm a 35 year old woman looking to meet men between the ages of 35 and 45.
View Profile
AbiApie
I'm a 19 year old woman looking to meet men between the ages of 18 and 20.
View Profile
JanieL
I'm a 24 year old woman looking to meet men between the ages of 25 and 32.
View Profile
JillieB
I'm a 61 year old woman looking to meet men between the ages of 55 and 70.
View Profile
Moze008
I'm a 57 year old woman looking to meet men between the ages of 55 and 70.
View Profile
Gemima
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Leigh1979
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
jamielief
I'm a 21 year old woman looking to meet men between the ages of 25 and 32.
View Profile
BlondeBerry
I'm a 33 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Sonskyn83
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
FoXyLaDy444
I'm a 56 year old woman looking to meet men between the ages of 50 and 65.
View Profile
TuffLove
I'm a 34 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Judith78
I'm a 36 year old woman looking to meet men between the ages of 38 and 48.
View Profile
Dollie81
I'm a 33 year old woman looking to meet men between the ages of 25 and 49.
View Profile
tigerlady28
I'm a 30 year old woman looking to meet men between the ages of 22 and 34.
View Profile
sexyhair
I'm a 42 year old woman looking to meet men between the ages of 35 and 50.
View Profile
khosyx
I'm a 20 year old woman looking to meet men between the ages of 21 and 30.
View Profile
JULIET_001
I'm a 51 year old woman looking to meet men between the ages of 49 and 63.
View Profile
sexilexi17
I'm a 19 year old woman looking to meet men between the ages of 20 and 25.
View Profile
dreamsoftly
I'm a 49 year old woman looking to meet men between the ages of 47 and 58.
View Profile
MistyLady
I'm a 36 year old woman looking to meet men between the ages of 34 and 45.
View Profile
Cathwhite
I'm a 29 year old woman looking to meet men between the ages of 25 and 45.
View Profile
bon1bon
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Kay_722
I'm a 29 year old woman looking to meet men between the ages of 30 and 40.
View Profile
klouise
I'm a 32 year old woman looking to meet men between the ages of 31 and 39.
View Profile
Bienkie01
I'm a 35 year old woman looking to meet men between the ages of 34 and 48.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
Doeksa
I'm a 33 year old woman looking to meet men between the ages of 33 and 39.
View Profile
Lady_143
I'm a 33 year old woman looking to meet men between the ages of 34 and 40.
View Profile
Hopeful_dreamer
I'm a 37 year old woman looking to meet men between the ages of 33 and 45.
View Profile
Artistixoxo
I'm a 23 year old woman looking to meet men between the ages of 23 and 28.
View Profile
your_wildest_dreams
I'm a 36 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Persephone101
I'm a 31 year old woman looking to meet men between the ages of 25 and 45.
View Profile
Warmsmilewarmheart
I'm a 47 year old woman looking to meet men between the ages of 40 and 55.
View Profile
JayAnne
I'm a 56 year old woman looking to meet men between the ages of 56 and 70.
View Profile
MissSM
I'm a 31 year old woman looking to meet men between the ages of 29 and 39.
View Profile
Chriz_1985
I'm a 29 year old woman looking to meet men between the ages of 18 and 100.
View Profile
Bebe1000
I'm a 53 year old woman looking to meet men between the ages of 49 and 57.
View Profile
MissMoneypenny_13
I'm a 28 year old woman looking to meet men between the ages of 30 and 42.
View Profile
optimistic_36
I'm a 37 year old woman looking to meet men between the ages of 32 and 46.
View Profile
chloeeeee
I'm a 44 year old woman looking to meet men between the ages of 35 and 52.
View Profile
EMT2014
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
DashieDash
I'm a 31 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Liefieling86
I'm a 28 year old woman looking to meet men between the ages of 29 and 32.
View Profile
_Melanie_
I'm a 18 year old woman looking to meet men between the ages of 18 and 28.
View Profile
Smileawhile
I'm a 45 year old woman looking to meet men between the ages of 36 and 44.
View Profile
FaiRy9
I'm a 26 year old woman looking to meet men between the ages of 27 and 36.
View Profile
Lise41
I'm a 41 year old woman looking to meet men between the ages of 42 and 55.
View Profile
Blondie_434
I'm a 31 year old woman looking to meet men between the ages of 28 and 43.
View Profile
Rarefind
I'm a 55 year old woman looking to meet men between the ages of 52 and 63.
View Profile
Jimmyhgirl
I'm a 37 year old woman looking to meet men between the ages of 18 and 100.
View Profile
MTBGirl_11
I'm a 42 year old woman looking to meet men between the ages of 40 and 50.
View Profile
PleinKatryn
I'm a 30 year old woman looking to meet men between the ages of 30 and 35.
View Profile
MizLiz
I'm a 31 year old woman looking to meet men between the ages of 30 and 40.
View Profile
Caroline_
I'm a 30 year old woman looking to meet men between the ages of 26 and 36.
View Profile
HartjievanHoneydew
I'm a 21 year old woman looking to meet men between the ages of 18 and 100.
View Profile
LimitlessSoul
I'm a 45 year old woman looking to meet men between the ages of 40 and 50.
View Profile
recently40
I'm a 40 year old woman looking to meet men between the ages of 27 and 58.
View Profile
Winterwolf
I'm a 27 year old woman looking to meet men between the ages of 30 and 35.
View Profile
Rosesandlace
I'm a 49 year old woman looking to meet men between the ages of 49 and 53.
View Profile
Lilakii
I'm a 21 year old woman looking to meet men between the ages of 23 and 31.
View Profile
Vuurvliegie1974
I'm a 40 year old woman looking to meet men between the ages of 39 and 47.
View Profile
Bastet_11
I'm a 43 year old woman looking to meet men between the ages of 45 and 48.
View Profile
Blu
I'm a 28 year old woman looking to meet men between the ages of 27 and 33.
View Profile
Bianx24
I'm a 24 year old woman looking to meet men between the ages of 25 and 30.
View Profile
Plattelandsenooi3
I'm a 32 year old woman looking to meet men between the ages of 33 and 45.
View Profile
HenrietteF
I'm a 32 year old woman looking to meet men between the ages of 30 and 42.
View Profile
Fire_and_Ice81
I'm a 33 year old woman looking to meet men between the ages of 25 and 45.
View Profile
sweets1987
I'm a 27 year old woman looking to meet men between the ages of 32 and 42.
View Profile
sonskyn27
I'm a 56 year old woman looking to meet men between the ages of 45 and 55.
View Profile
SilverLiningM
I'm a 29 year old woman looking to meet men between the ages of 25 and 36.
View Profile
Bassinchic
I'm a 28 year old woman looking to meet men and women between the ages of 25 and 35.
View Profile
Sophie_123
I'm a 24 year old woman looking to meet men between the ages of 25 and 33.
View Profile
L123
I'm a 33 year old woman looking to meet men between the ages of 32 and 39.
View Profile
Kelix
I'm a 36 year old woman looking to meet men between the ages of 30 and 45.
View Profile
RobzMolecule
I'm a 24 year old woman looking to meet men between the ages of 22 and 30.
View Profile
shani27
I'm a 41 year old woman looking to meet men between the ages of 35 and 45.
View Profile
Teleporter1612
I'm a 48 year old woman looking to meet men between the ages of 43 and 100.
View Profile
WandaLove
I'm a 19 year old woman looking to meet men between the ages of 22 and 26.
View Profile
nirina
I'm a 37 year old woman looking to meet men between the ages of 35 and 50.
View Profile
Jobaby10
I'm a 36 year old woman looking to meet men between the ages of 38 and 45.
View Profile
pikkewyn_123
I'm a 38 year old woman looking to meet men between the ages of 36 and 40.
View Profile
KW82
I'm a 32 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Jenny84
I'm a 30 year old woman looking to meet men between the ages of 33 and 40.
View Profile
Butterfly_effect
I'm a 38 year old woman looking to meet men between the ages of 36 and 48.
View Profile
LeilaM
I'm a 40 year old woman looking to meet men between the ages of 40 and 55.
View Profile
Plaasmeisie1978
I'm a 36 year old woman looking to meet men between the ages of 36 and 42.
View Profile
Loubelle
I'm a 50 year old woman looking to meet men between the ages of 35 and 55.
View Profile
CTBLONDE
I'm a 38 year old woman looking to meet men and women between the ages of 40 and 50.
View Profile
bellagio
I'm a 69 year old man looking to meet women between the ages of 55 and 65.
View Profile
Ivanhoe25
I'm a 47 year old man looking to meet women between the ages of 25 and 45.
View Profile
Denali
I'm a 45 year old man looking to meet women between the ages of 25 and 40.
View Profile
BENTLEY292
I'm a 45 year old man looking to meet men between the ages of 45 and 55.
View Profile
contour
I'm a 43 year old man looking to meet women between the ages of 34 and 39.
View Profile
Guardian_24
I'm a 41 year old man looking to meet women between the ages of 37 and 43.
View Profile
TheRealMrRight
I'm a 43 year old man looking to meet women between the ages of 28 and 42.
View Profile
Cruisingoldie
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
CDolf
I'm a 30 year old man looking to meet women between the ages of 25 and 33.
View Profile
KTM1190A
I'm a 59 year old man looking to meet women between the ages of 50 and 58.
View Profile
Lastgreatwhite
I'm a 56 year old man looking to meet women between the ages of 40 and 50.
View Profile
SingleNSearching60
I'm a 60 year old man looking to meet women between the ages of 55 and 70.
View Profile
kannieworrynie
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
henisright
I'm a 50 year old man looking to meet women between the ages of 37 and 53.
View Profile
pinsnow
I'm a 55 year old man looking to meet women between the ages of 45 and 65.
View Profile
toothless
I'm a 36 year old man looking to meet women between the ages of 25 and 36.
View Profile
Gambino_Family
I'm a 59 year old man looking to meet women between the ages of 42 and 70.
View Profile
Jericho2010
I'm a 41 year old man looking to meet women between the ages of 25 and 49.
View Profile
BobTheExtremeBuilder
I'm a 47 year old man looking to meet women between the ages of 25 and 47.
View Profile
breeze001
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
Natural123
I'm a 52 year old man looking to meet women between the ages of 35 and 45.
View Profile
JPretoria
I'm a 38 year old man looking to meet women between the ages of 28 and 40.
View Profile
DJStarglance
I'm a 54 year old man looking to meet women between the ages of 18 and 100.
View Profile
IrishBoy11
I'm a 45 year old man looking to meet women between the ages of 27 and 40.
View Profile
Liefasb
I'm a 63 year old man looking to meet women between the ages of 50 and 60.
View Profile
DutchDelight_
I'm a 45 year old man looking to meet women between the ages of 30 and 46.
View Profile
dinnerfortwo
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
lvebird53
I'm a 54 year old man looking to meet women between the ages of 50 and 65.
View Profile
goldenhat
I'm a 52 year old man looking to meet women between the ages of 36 and 66.
View Profile
Alachison
I'm a 46 year old man looking to meet women between the ages of 30 and 45.
View Profile
Ryno_56
I'm a 26 year old man looking to meet women between the ages of 18 and 34.
View Profile
daniel101
I'm a 44 year old man looking to meet women between the ages of 32 and 38.
View Profile
TripleJ94
I'm a 20 year old man looking to meet men and women between the ages of 18 and 30.
View Profile
Andy_Leo
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
Coolfun
I'm a 52 year old man looking to meet men between the ages of 35 and 55.
View Profile
Lonomor
I'm a 46 year old man looking to meet women between the ages of 25 and 35.
View Profile
George5911
I'm a 55 year old man looking to meet women between the ages of 36 and 50.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
captainkid
I'm a 55 year old man looking to meet women between the ages of 47 and 56.
View Profile
mark99
I'm a 62 year old man looking to meet women between the ages of 45 and 55.
View Profile
ScottRanger1987
I'm a 27 year old man looking to meet women between the ages of 18 and 30.
View Profile
DaveB_791
I'm a 49 year old man looking to meet women between the ages of 35 and 45.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 25 and 49.
View Profile
MLACOME0147
I'm a 55 year old man looking to meet women between the ages of 49 and 79.
View Profile
Stand64
I'm a 50 year old man looking to meet women between the ages of 36 and 55.
View Profile
Bruce_308
I'm a 47 year old man looking to meet women between the ages of 41 and 70.
View Profile
Kitchenslave
I'm a 52 year old man looking to meet women between the ages of 35 and 50.
View Profile
Propriety
I'm a 56 year old man looking to meet women between the ages of 35 and 45.
View Profile
charl1906
I'm a 57 year old man looking to meet women between the ages of 49 and 53.
View Profile
Suidwester27
I'm a 53 year old man looking to meet women between the ages of 35 and 50.
View Profile
tommy351
I'm a 61 year old man looking to meet women between the ages of 48 and 59.
View Profile
BossMorne
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
richy10
I'm a 57 year old man looking to meet women between the ages of 49 and 70.
View Profile
Ironstein06
I'm a 36 year old man looking to meet women between the ages of 25 and 37.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 68.
View Profile
sunset22
I'm a 50 year old man looking to meet women between the ages of 40 and 57.
View Profile
5star
I'm a 57 year old man looking to meet women between the ages of 40 and 55.
View Profile
Bryn
I'm a 41 year old man looking to meet women between the ages of 20 and 55.
View Profile
Lifechanger_7
I'm a 25 year old man looking to meet women between the ages of 18 and 30.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
Kiwiana
I'm a 39 year old man looking to meet women between the ages of 25 and 39.
View Profile
Rebelinbluejeans
I'm a 62 year old man looking to meet women between the ages of 40 and 62.
View Profile
Natureboykie
I'm a 60 year old man looking to meet women between the ages of 43 and 64.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Jurgy62
I'm a 52 year old man looking to meet women between the ages of 37 and 55.
View Profile
WanderingShadow
I'm a 39 year old man looking to meet women between the ages of 25 and 45.
View Profile
Tall_fun
I'm a 45 year old man looking to meet women between the ages of 30 and 45.
View Profile
Ons2alleen
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
versl_550
I'm a 55 year old man looking to meet women between the ages of 45 and 60.
View Profile
pieterl
I'm a 59 year old man looking to meet women between the ages of 45 and 62.
View Profile
cknneth111
I'm a 46 year old man looking to meet women between the ages of 41 and 70.
View Profile
karooboertjie15
I'm a 40 year old man looking to meet women between the ages of 25 and 40.
View Profile
CL4ptp
I'm a 28 year old man looking to meet women between the ages of 22 and 28.
View Profile
freddic1
I'm a 52 year old man looking to meet women between the ages of 47 and 55.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 25 and 50.
View Profile
rjscm
I'm a 48 year old man looking to meet women between the ages of 30 and 45.
View Profile
gavinzn
I'm a 57 year old man looking to meet women between the ages of 50 and 57.
View Profile
cccdovy
I'm a 56 year old man looking to meet women between the ages of 48 and 56.
View Profile
Dn212
I'm a 51 year old man looking to meet women between the ages of 45 and 60.
View Profile
Sundancekid344
I'm a 65 year old man looking to meet women between the ages of 45 and 58.
View Profile
umustbsomewhere
I'm a 61 year old man looking to meet women between the ages of 45 and 55.
View Profile
LiveLifeAlways
I'm a 43 year old man looking to meet women between the ages of 33 and 41.
View Profile
Officer_Gentleman
I'm a 46 year old man looking to meet women between the ages of 35 and 48.
View Profile
Belligerent69
I'm a 45 year old man looking to meet women between the ages of 35 and 44.
View Profile
6s6s6s
I'm a 43 year old man looking to meet women between the ages of 25 and 45.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
Jonathen53
I'm a 61 year old man looking to meet women between the ages of 57 and 64.
View Profile
stumpjumper
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 18 and 100.
View Profile
Firefox_771
I'm a 63 year old man looking to meet women between the ages of 42 and 56.
View Profile
LovingSerenity
I'm a 38 year old man looking to meet women between the ages of 24 and 45.
View Profile
wiedahunk
I'm a 57 year old man looking to meet women between the ages of 50 and 70.
View Profile
Fred58
I'm a 56 year old man looking to meet women between the ages of 18 and 100.
View Profile
Banker009
I'm a 56 year old man looking to meet women between the ages of 34 and 49.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
Smartboy_102
I'm a 60 year old man looking to meet women between the ages of 47 and 57.
View Profile
Agent_K1
I'm a 46 year old man looking to meet women between the ages of 38 and 40.
View Profile

Business Directory