BLACK ECONOMIC EMPOWERMENT
How a sovereign wealth fund can lead black economic transformation
Existing transformation policies are fixated on substituting a white construct for a black one, writes Andile Nomlala
The redistribution of wealth in the South African economy is dependent on the participation of all the stakeholders, namely business, labour, the government and civil society. It is imperative that we draw all of our energies together to drive the economic emancipation of the poor black populace for the welfare of all our citizens. In the first rounds of BEE transactions, we made the colossal error of allowing politically connected black individuals to participate in empowerment deals on behalf of all black people. We all know where that got us. Some people reminded us "they never joined the struggle to be poor". Worst of all, too many black people are now charity cases who get fed through the charitable foundations of the first lot of BEE beneficiaries. After seeing our mistakes, we amended the codes. All sorts of broad-based BEE share schemes were born, but they are also proving to be a miscalculation. It is for this reason I am now proposing the creation of a sovereign wealth fun...