http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.81Change: 0.02
R/$ = 11.02Change: -0.07
Au 1170.21 $/ozChange: -30.01
Pt 1233.50 $/ozChange: -12.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Oct 26, 2012

BEE not working – Phosa

Back
Johannesburg|Africa|Lonmin|Platinum|Africa|South Africa|Mathews Phosa|Thamsanqa Max Maisela
|Africa|Platinum|Africa||
johannesburg|africa-company|lonmin|platinum|africa|south-africa|mathews-phosa|thamsanqa-max-maisela



Black economic empowerment (BEE) is not helping to reduce poverty and inequality, African National Congress treasurer general Mathews Phosa said on Thursday.

"Marikana taught us that... our [BEE] model is dysfunctional, and that we need to be creative when old order models of negotiation are discarded by the disenfranchised," Phosa said in a speech prepared for delivery in Johannesburg.

"If the miners at Marikana, and elsewhere, had a meaningful stake in the assets that they create, my view is that we would have had different and more positive outcomes."

He was referring to the shooting dead of 34 striking Lonmin platinum mine workers by the police in Marikana on August 16.

BEE had not made any meaningful contribution towards alleviating poverty and unemployment.

"What it did do is create an upper class of wealthy black investors who initially funded their wealth with debt through the acquisition of shareholding in successful white or international businesses."

Successful economic transformation needed black entrepreneurs who were not the beneficiaries of wealth created by others.

"The simple fact is, whether we are white or black, there is a dire need for broader participation in the wealth of this country in a way different from the current model," he said.

Wealth was never given away or successfully redistributed through force. The country's circumstances however showed that the wealth and ownership gap needed to be closed.

"If we hesitate in doing so, we will be the architects of our own demise."

He said South Africa's current policy drift and the public's opinion on these matters were not helping.

The time that elapsed between the crisis, the policy solution and its implementation did not contribute to social stability.

Phosa was delivering the memorial lecture of Negotiated Benefit Consultants founder and chairperson Thamsanqa Max Maisela.

Edited by: Sapa
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Labour and Skills Development News
Master engineer and engineering consultant Bert Chapman has created an educational disc of engineering training materials based on real engineering problems, including their solutions, for engineers entering industry. The disc covers more than 35 electrical,...
Article contains comments
Small Business Deputy Minister Elizabeth Thabethe
South Africans needed to become more entrepreneurial and create their own jobs, instead of expecting government to create jobs or rely on private-sector employment. “We need to become masters of our own destinies,” Small Business Development Deputy Minister Elizabeth...
Statistics South Africa (Stats SA) would, in future, focus more strongly on the trends of long-term unemployment in its quarterly labour force surveys (QLFSs), statistician-general Pali Lehohla said on Thursday. Releasing the QLFS for the three months ended September...
Article contains comments
More
 
 
Latest News
Updated 4 hours ago The retail price of 95-grade petrol in South Africa will drop by 45 cents or 3.3 percent a liter from next Wednesday, while wholesale diesel will decrease by 4.9 percent, the government said on Friday. Petrol will cost 13.16 rand ($1.20) a liter while the wholesale...
Updated 4 hours ago Special purpose vehicle GreenCape will, by the end of 2014, make an application to the Department of Trade and Industry (DTI), the Western Cape provincial government and the City of Cape Town to declare Atlantis, on the Western seaboard, a special economic zone...
Updated 4 hours ago The German government has committed a further R70-million towards the second phase of the Non-Motorised Transport (NMT) programme. The NMT programme forms part of the Department of Environmental Affairs’ 2010 FIFA World Cup National Greening Legacy Programme.
More
 
 
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
 
 
 
 
 
This Week's Magazine
In the next 20 years, it was expected that, in Africa, more people would live in cities and towns than in rural areas, United Nations Habitat executive director Dr Aisa Kirabo Kacyira said at the Human Settlements Indaba that took place earlier this month in...
Tough-talking Human Settlements Minister Lindiwe Sisulu has committed government to building 1.5-million low-cost houses over the next five years, telling the Human Settlements Indaba in Johannesburg on Wednesday that the State would achieve this target through the...
Over the past 20 years there has been persistent concern about deindustrialisation in South Africa, as well as the fact that locally produced manufactured products have been increasingly displaced by imports.
Financial agreement for Ghanian independent power producer (IPP) Cenpower Generation Company’s $900-million, 350 MW combined-cycle gas-turbine power plant was finalised earlier this month, paving the way for the project’s construction to begin before 2015 in Tema,...
The revenue implications for South Africa of ‘base erosion and profit shifting’ by corporate taxpayers are firmly in the crosshairs of the Davis Tax Committee (DTC) and Judge Dennis Davis hinted last week that recommendations were being considered to “detect and...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks