SIKONATHI MANTSHANTSHA: A golden opportunity for black wealth creation
The YeboYethu BEE deal is a perfect example of the benefits the capital markets can deliver to those who take the opportunities it has to offer
There is something magical about the creation of wealth. The YeboYethu BEE deal is a perfect example of the benefits the capital markets can deliver to those who take the opportunities it has to offer. It also is an example of what can be achieved when corporate SA plays its role in bridging the wealth gap created by our terrible past. BEE deals such as this, and even those that have been less successful, serve a purpose, the importance of which can hardly be overstated — to bring the majority of our compatriots into the asset-owning part of our formal economy. Broad-based measures such as these, along with other nation-building endeavours and financial training, will eventually lift many in today’s working classes and the formerly oppressed into the middle class. Ten years ago, more than 102,000 black people accepted Vodacom Group’s offer to invest a minimum R2,500 each in the shares of its local operation. Of these, 60% could not afford to put away more than a humble R2,500. The m...
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