Mashatile says scrapping 'BBBEE would be like going back to apartheid'

CAPE TOWN - Deputy President Paul Mashatile says scrapping Broad-Based Black Economic Empowerment (BBBEE) would be like going back to apartheid.

Mashatile said the BBBEE policy has been a great success and must be implemented even more rigorously since most of the country's economy is still in the hands of the minority.

He was responding to questions in the National Council of Provinces (NCOP) on Thursday on whether BEE was the cause of the country's slow economy and unemployment.

Mashatile was again questioned about the need for BBBEE and how it might be a barrier to greater investment.

READ: Mashatile: BBBEE is not a failed policy; must be implemented more rigorously

He said BBBEE is not a race policy but rather a transformation policy, and a lot of companies and South Africanshave benefited.

The deputy president said scrapping the policy is out of the question, and it should be implemented more rigorously.

"It is not correct that in a country where black people are probably 90 percent of the population, but 70 percent is controlled by others. It can’t be allowed. It will never be allowed. We must come with policies to change that. Anybody who says we must scrap that it means we must go back to apartheid."

On addressing youth unemployment, Mashatile said government wants young people to be creators of employment and must be assisted to come up with initiatives.