‘Robust’ action required to address black business ownership

Amid concerns about implementation and oversight of the controversial proposed R100 billion (€5.2 billion) black economic empowerment (BEE) Transformation Fund, South Africa needs to take “robust” action to address historical inequalities and support small businesses, including those in the tourism sector.

During last week’s State of the Nation Address, President Cyril Ramaphosa highlighted the country’s focus on empowering black people, women and people with disabilities who were “deliberately excluded from playing a key role in the economy of their own country”.

He said the BEE Transformation Fund, providing R20 billion (€1 billion) per year for the next five years, will finance black-owned and small business…