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South Africa is overhauling its black economic empowerment policy to boost real economic impact, job creation, and inclusion.
Deputy President Paul Mashatile has reaffirmed broad-based black economic empowerment (B-BBEE) as essential to South Africa’s economic transformation, announcing a two-phase review to shift the policy from compliance to real economic impact.
Led by Trade Minister Parks Tau, the review will refine legislation and propose parliamentary changes to align B-BBEE with industrial policy and growth goals.
Mashatile cited R94 billion invested in black-owned enterprises since 2021 and acknowledged a sharp drop in compliance, with B-BBEE reporting falling from over 5,800 submissions in 2019 to fewer than 1,500.
The reforms aim to boost job creation, enterprise development, and inclusion of women, youth, and people with disabilities, integrating B-BBEE into local development plans and strengthening enforcement against fronting.
Sudáfrica está reformando su política de empoderamiento económico negro para impulsar el impacto económico real, la creación de empleo y la inclusión.