Dissatisfaction with the way in which business is handling black economic empowerment (BEE) is growing, the South African Communist Party said on Monday.
In a statement following Friday’s SACP political bureau meeting, the party said this was because of the ”narrow BEE approaches with which big capital in South Africa is trying to head off the real challenge of significant transformation”.
”The PB [political bureau] warns big capital that millions of South Africans are not fooled by some shuffling around the boardroom to make spaces available for the same handful of the over-empowered.
”What is more, the capital used for these ’empowerment’ deals tends to be taken out of productive, job-creating, infrastructure building investment,” the SACP said.
The party wanted implementation of black empowerment measures as a package, not selectively, including investment in infrastructure, new models of financing low-cost housing, universal access to financial services, an end to HIV and Aids discrimination, and investment in the general development of poor urban and rural
communities, as per the financial sector agreement of August 20, 2002.
”The banks, for example, are setting aside billions of rands for ’empowerment’ deals, while evicting the poor from their homes.”
Those billions could more effectively be used in providing special housing bonds to the poor, bonds that did not carry, for instance, compound interest, said the party.
”Why should the poor of Protea Glen be subjected to the same repayment regime as the ultra-rich?” the SACP asked. – Sapa