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...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.