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Russia Today
13 hours ago
- Business
- Russia Today
South African leader defends black economic empowerment policy
President Cyril Ramaphosa delivered a forceful defence of Black Economic Empowerment (BEE) on Friday night, calling out its critics and questioning whether their opposition stems from fear or envy. Speaking at the Black Business Council's annual summit gala dinner at the Radisson Hotel and Convention Centre in Kempton Park, Ekurhuleni, Ramaphosa doubled down on the government's unwavering support for transformation policies aimed at redressing South Africa's deep-rooted inequalities. He reaffirmed plans to convene a national dialogue focused on tackling the country's most urgent socio-economic challenges — a process he said will be vital in shaping an inclusive and sustainable future. Ramaphosa argued that real economic growth will only be possible through meaningful transformation while highlighting the significance of the proposed Government of National Unity (GNU). 'Fundamental economic transformation is vital to the growth of our economy and the progress of our nation. This transformation is necessary if we are to unlock the capabilities of all our people and realise the full potential of our economy,' he said. He positioned the GNU as a platform for uniting stakeholders behind bold reforms that can drive change. 'Transformation is not a hindrance to growth — it is the engine of growth,' Ramaphosa said, underscoring the role of legislative tools such as the Broad-Based Black Economic Empowerment (BBBEE) framework and the Employment Equity Act in building a more equitable economy. 'We must dispense with the false choice that we are urged to make between growth and transformation. Transformation is vital if growth is to be meaningful, inclusive and sustainable. 'Growth is essential if we are to effectively transform our economy. Our task is to ensure that we pursue both growth and transformation, in concert, with more vigour and to greater effect,' he said. While acknowledging progress, the president was candid about the stark racial disparities that persist. He noted that the average income of white households remains nearly five times higher than that of black African households — a gap that, in his view, underscores the continued need for aggressive policy intervention. 'We need to challenge the notion that black economic empowerment is a cost to the economy. We need to demonstrate that it is an investment in the economy. 'Now is not the time to abandon the measures we have put in place to drive is the time to move forward with greater purpose and ambition. 'We must use the lessons we have learned over the last 30 years to make our empowerment policies and programmes more meaningful and more impactful. 'They must be ever more effective drivers of inclusive growth and employment,' Ramaphosa published by IOL
IOL News
26-05-2025
- Business
- IOL News
Starlink deal a threat to SA's sovereignty
Elon Musk has previously claimed Starlink was barred from operating in South Africa because he is not Black, an allegation South African officials refuted. Image: AFP COMMUNICATIONS and Digital Technologies Minister Solly Malatsi's policy directive that could pave the way for Starlink satellite internet service to operate without the requisite BBBEE laws means the country's sovereignty has been held at ransom by people who have been throwing insults against it. "We are not against Starlink or the investment but against the changing of our laws to accommodate individuals and people who do not respect the country and its laws. We would have lost the country's sovereignty as no one is exempted from complying with the laws of the country,' said Black Business Council (BBC) CEO Kganki Matabane. He was reacting to reports that Starlink, owned by Pretoria-born billionaire Elon Musk, might operate in South Africa without meeting the 30% HDG (historically disadvantaged groups) ownership requirement in the ICT sector - through an Equity Equivalent Programme (EEP). According to Minister Solly Malatsi, easing B-BBEE licensing requirements will 'harmonise legislation' and boost competition, supporting the government's mission to expand reliable broadband access to underserved South African communities. Image: Supplied Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Next Stay Close ✕ Malatsi's gazette under the Electronic Communications Act (ECA), a day after President Cyril Ramaphosa returned from his White House meeting with US President Donald Trump and Musk, has come under intense scrutiny. During this meeting, South African billionaire Johann Rupert, who was part of Ramaphosa's delegation, told Musk that the country needed to have a starlink satellite in every police station. However, Malatsi's spokesperson Kwena Moloto denied that the directive was drafted to allow Musk to bypass regulatory requirements and said the timing of the publication was a coincidence. Moloto said the minister is empowered by the EIPs, provided for under the Broad-Based Black Economic Empowerment Act (Act 53 of 2003) and the ICT Sector Code, to initiate the directive. "The minister is empowered by the BEE Act which allows qualifying multinationals to meet empowerment obligations through alternatives to 30% ownership - such as investing in local suppliers, enterprise and skills development, job creation, infrastructure support, research and innovation, digital inclusion initiatives, and funding for SMMEs."Despite the legal standing of the ICT Sector Code under the BBBEE Act, ICASA's Ownership Regulations do not fully reflect its provisions - particularly regarding deemed ownership and EEIPs. Therefore, this policy direction aims to ensure consistency, unlock investment, and give practical effect to the ICT Sector Code in line with national development goals, including transformation," Moloto said. Musk, who is also part of Trump's Make America Great Again (MAGA) team, has been leading the charge with false claims that there was white genocide in South Africa. They falsely claimed the signing of the Expropriation Bill into an Act was a way for the government to seize land from whites. Opposition parties have maintained that the US's hostile treatment of South Africa under the Trump administration was another way of pressuring the Ramaphosa-led government to accommodate Starlink. Build One South Africa Deputy president, Nobuntu Hlazo-Webster said if the government can bend the country's regulations for international businesses, it can do the same for the country's businesses. "BOSA calls on Malatsi, to make public the record of decision in this matter, so as to assure the people of South Africa that this was not a back door deal. This is not transformation, it's capitulation. "The message being sent is that if you are a powerful foreign billionaire, you can sidestep South Africa's laws, while our local businesses are forced to jump through hoops. What begins with special concessions, ends in state capture," Hlazo-Webster said. African Transformation Movement (ATM) leader Vuyolwethu Zungula called for the immediate withdrawal of the gazette saying: "This government gazette is nothing short of a shameless sellout to American oligarchs Elon Musk and Donald Trump - a move that spits in the face of our nation's transformation agenda. "By rolling out the red carpet for Starlink and other American corporations, the ANC/DA coalition is handing over our digital future to foreign hands, undermining local businesses, and betraying the very people they swore to uplift. This is not transformation, it is neo-colonialism dressed up as 'investment'."
eNCA
22-05-2025
- Business
- eNCA
Alarm over rising debt costs
CENTURION - Concerns linger about the rising national debt, with 22 cents of every rand servicing interest payments. WATCH | Budget 3.0 | Civil society demand more from budget While the infrastructure allocation in Budget 3.0 has been praised many are questioning whether the promised projects will ever be delivered. The CEO of the Black Business Council, Kganki Matabane spoke to eNCA.
