Oct 26, 2012
BEE not working – PhosaBack
Johannesburg|Africa|Lonmin|Platinum|Africa|South Africa|Mathews Phosa|Thamsanqa Max Maisela
"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: SapaComment Guidelines (150 word limit)
Other Labour and Skills Development News
Recent Research Reports
Liquid Fuels 2015: A review of South Africa's liquid fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2015 Report examines these issues in the context of South Africa’s business environment; oil and gas exploration; fuel pricing; the development of the country’s biofuels industry; the logistics of transporting liquid fuels; and...
Road and Rail 2015: A review of South Africa's road and rail sectors (PDF Report)
Creamer Media’s Road and Rail 2015 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 infrastructure and network, the funding and maintenance of these respective networks, and...
Defence 2015: A review of South Africa's defence sector (PDF Report)
Creamer Media’s Coal 2015 report examines South Africa’s coal industry with regards to the business environment, the key participants in the sector, local demand, export sales and coal logistics, projects being undertaken by the large and smaller participants in the...
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
This Week's Magazine
Energy analyst and EE Publishers MD Chris Yelland warned recently against excessive optimism regarding timescales for the proposed construction of new nuclear power plants (NPPs) in South Africa. He was speaking at a Nuclear Roundtable in Johannesburg. “I think we...
Malawi’s Lilongwe Water Board (LWB) is inviting eligible bidders to prequalify for the board’s efficiency improvement works, which will be implemented as part of the E24-million Lilongwe Water Resources Efficiency Programme. LWB CEO Alfonso Chikuni explains that...
CROATIA, AN EU MEMBER BUT NOT A TDCA MEMBER On July 1, 2013, Croatia officially became the twenty-eighth member of the European Union (EU). Despite Croatia’s accession into the EU, it is yet to become party to the Trade, Development and Cooperation Agreement (TDCA)...
The Council for Scientific and Industrial Research (CSIR) has announced that its new Inundu airborne electronics testing, evaluation and training pod had made its first test flight on September 10. The successful flight was undertaken from Lanseria International...
The Development Bank of Southern Africa (DBSA) – which disbursed a record R13-billion during 2015, from R12.7-billion in the prior year – remained optimistic that it could ramp-up loan disbursements to R25-billion a year by 2018 as it sought to give greater emphasis...