Phakamisa Ndzamela, author of books about black business, share his views on Crossing the Line podcast.
Author Phakamisa Ndzamela feels that black economic empowerment (BEE) is a good policy but that South Africans expectations of it were too much.
Speaking to media veteran Ryland Fisher on the Crossing the Line podcast, Ndzamela said BEE does not need to be amended.
“I don't know if adding another B is going to help. They added two Bs [broad-based] and people are still complaining. You can have as many Bs as you want, you’re still going to struggle. The problem with capitalism is that, as a system, it can never enrich everybody. But conscious capitalism can also empower those who do not have shares in the system.
“I would say don’t review or amend it. Just create a value system that shows that it can work if there is proper community upliftment. If we had to change anything, I would sharpen elements like skills development, because that’s where the future of our country comes from. I would sharpen enterprise and supplier development, and management control to bring in more people. I wouldn’t cancel economic empowerment, but the President should clamp down on fronting, which is destroying BEE. It is awful.
