2-phase review of B-BBEE to help create jobs

TRADE, Industry and Competition Minister Parks Tau on Wednesday revealed that the review of the Broad-Based Black Economic Empowerment (B-BBEE) will be executed in two phases.

- MAYIBONGWE MAGHINA

Responding during a question-and-answer session to DA MP Toby Chance in the National Assembly, Tau detailed the dual-pronged approach aimed at refining and realigning South Africa’s economic empowerment framework.

He said the first phase would be a short-term review, focusing on refinement and review of subordinate legislation.“This should be completed by the end of this financial year,” he said, adding that they had been in a process of consultation to finalise the Transformation Fund, and its implementation was also part of the review process.

Tau also said the second phase was a long-term review, which involved a review of the Broad-Based Economic Empowerment Act for substantive amendments.

The review of the Act aligned with South Africa’s growth and inclusion strategy of the government.