The South African government has announced a R100 billion Transformation Fund dedicated to assisting black-owned businesses. The fund, led by Minister of Trade, Industry and Competition Parks Tau, will provide R20 billion annually for the next five years. President Cyril Ramaphosa emphasized the fund's role in addressing historical inequalities and unlocking the economy's potential, creating jobs for all, especially young people.
Transformation Fund that will exclusively assist black businesses. that the fund will be headed up by the Minister of Trade, Industry and Competition Minister, Parks Tau.
Ramphosa clarified that the fund will provide R20 billion a year to businesses over the next five years.He emphasised that this is why the government will actively work to tackle investment challenges faced by Black individuals. The president said that empowerment projects like the Transformation Fund will help not only right a historical wrong but will help unleash the economy's potential.He also noted that growth must create jobs for all, especially young people.Last month, the Democratic Alliance , a member of the Government of National Unity said it strongly condemns the fund as it would undermine Cabinet and the GNU.
When Minister Tau announced the implementation of the fund, the DA criticised his approach as not only irresponsible but deeply problematic, The DA said that it completely bypasses the necessary Cabinet discussions and approvals that are required for
BLACK BUSINESSES ECONOMIC EMPOWERMENT SOUTH AFRICA GOVERNMENT FUND JOB CREATION
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