The Broad-Based Black Economic Empowerment Commission (B-BBEE Commission) has published its annual broad-based black economic empowerment (B-BBEE) trends report for2021, showing a decline in compliance and a drop in black ownership of businesses in South Africa.
The report is based on data derived from annual compliance reports submitted to the B-BBEE Commission by JSE-listed entities, organs of state, public entities, and Sectoral Education and Training Authorities .
“The B-BBEE Act, according to the B-BBEE Commission, should also provide for mandatory uploading of B-BBEE certificates by B-BBEE verification agencies on the B-BBEE Commission’s certificate portal,” Webber Wentzel said. In its concluding remarks, the B-BBEE Commission said that South Africa has not made serious inroads in addressing inequality. It suggested that the B-BBEE Act and the Preferential Procurement Policy Framework Act be amended to ensure that preferential procurement was effectively implemented.
“We want a frank conversation about impediments to the expansion of black business, not just from government, but from the private sector as well,” he said. “We need to talk about private sector procurement, about value chains, about access to financing for emerging black business and about how existing systems militate against emerging black business.”
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