Ramaphosa says B-BBEE here to stay

President Cyril Ramaphosa has made it clear that Broad-Based Black Economic Empowerment (B-BBEE) won’t be abandoned despite pushback from some of government of national unity partners.

Ramaphosa says B-BBEE should not be viewed as a cost to the economy but rather an investment in sustainable growth.

Replying to the debate on the State of the Nation Address in Parliament on Thursday, Ramaphosa hit back at those who have called for these policies to be scrapped, saying they are making false claims that it’s only benefited a few.

Ramaphosa says the constitution requires government to redress the injustices of the past and to build a society that is equal and just.

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This, he says, can’t be achieved without transforming the economy.

"It cannot be acceptable to anyone in this house for African people, coloured people and Indian people to be poorer and have fewer opportunities than white people."

Ramaphosa has dismissed suggestions from parties such as the Democratic Alliance and the Freedom Front Plus that B-BBEE is inhibiting growth and enabling corruption.

He said despite progress to reduce the disparity in household income across population groups, white households still earn nearly five times more than those of black Africans.

"Now is not the time to abandon black economic empowerment. Now is the time to make it even more effective."

Ramaphosa said a review will be undertaken of the B-BBEE framework to ensure it supports greater transformation and inclusive growth.