CAPE TOWN — President Cyril Ramaphosa strongly refuted accusations that the Black Economic Empowerment (BEE) initiative hinders economic growth, terming such claims as baseless.
In a recent response to queries by Democratic Alliance (DA) MP Toby Chance regarding the country’s faltering investment climate, Ramaphosa emphasized that these allegations have been co-opted as a campaign slogan without merit. During the parliamentary session, Chance highlighted the precipitous decline in South Africa’s domestic investment rates between 2009 and 2025, attributing this to detrimental ANC policies, including B-BBEE.
According to Chance, this trend has resulted in increased national debt and reduced employment opportunities. Ramaphosa countered this argument by asserting that BEE has, in fact, been instrumental in democratizing industry, using the mining sector as a prime example. He recounted how prior to the 1994 democratic transition, mining rights were held exclusively by a few powerful entities.
Post — democracy, the redistribution of mineral rights to include black participation and ownership has facilitated black entrepreneurship within the mining industry, which now includes numerous black mining companies, some of which are among the largest in the country.
The President further elaborated on the government’s commitment to infrastructure investment, noting its potential to revitalize the economy. Ramaphosa posited that infrastructure serves as a catalyst for job creation and economic advancement, with spin-off benefits for businesses and society at large.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: enca
Source: Zandile.Khumalo
