dti: economic empowerment not just about wealth redistribution
The Broad-Based Black Economic Empowerment (B-BBEE) Commission, an entity of the Department of Trade and Industry (the dti), will tomorrow be rolling out an awareness campaign on the B-BBEE Amendment Act of 2013, spreading this message: B-BBEE should aim to achieve growth, development and enterprise development and not only the redistribution of existing wealth. The B-BBEE Amendment Act was enacted to create the B-BBEE Commission to oversee and monitor the implementation of the act, as well as to deal with the contravention thereof, and investigate fronting practices. The information sessions, which will be held at the Daveyton Community Hall in Gauteng, are intended to raise awareness and educate communities on B-BBEE and its benefits. According to Busisiwe Ngwenya, the director responsible for compliance at the B-BBEE Commission, the rationale behind the campaign is to focus on creating an economy that can meet the needs of all economic citizens and their enterprises in a sustainable manner. Ngwenya said in a statement:
"Economic growth, development and B-BBEE are complementary and related processes. Government's approach is that B-BBEE must be an inclusive process and not an exclusive one. No economy can grow by excluding any part of its people and an economy that is not growing cannot integrate all of its citizens in a meaningful way. As such, the commission must ensure a B-BBEE process that is associated with growth, development and enterprise development, and not merely the redistribution of existing wealth. Raising awareness of the basics of B-BBEE and how it affects individuals will go a long way to prevent incorrect and bad practices."