During the state of the nation address, President Jacob Zuma made this statement: "Only 10% of the top 100 companies on the Johannesburg Stock Exchange are owned by black South Africans, directly achieved principally through the black [economic] empowerment (BEE) codes, according to the National Empowerment Fund." This issue is something of a perennial debate, and this is not the first time he has mentioned this statistic; he did so in his 2015 address when he put the level at 3%, sparking a national debate. Subsequent to that, the JSE compiled independent research on the topic, which was published, and that also mentioned this 10% number, forcing the fund to treble its figure, which then, in turn, forced Zuma to treble his. But one of the things I have discovered — and I am not the first person in history to come to this conclusion — is that when it comes to politicians, it is important to notice not only what is said but what is not said. What Zuma did not do was mention the rest ...

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.