Dr Nthabiseng Moleko Champions B-BBEE as Key to South Africa’s Economic Revival and Inclusive Growth

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South Africa’s path to economic recovery must prioritise deepening transformation through Broad-Based Black Economic Empowerment (B-BBEE), according to Dr Nthabiseng Moleko, chairperson of the National Empowerment Fund. In a compelling opinion piece published in the Sunday Times, she argues that B-BBEE is essential for addressing historical inequalities and unlocking prosperity for all citizens. With over 12.6 million South Africans excluded from the economy—many without assets or steady income—Moleko calls for a shift towards inclusive growth where businesses reinvest and create equitable opportunities. As a leading development economist and the first woman in the country to earn a PhD in Development Finance, her insights highlight the need for B-BBEE to evolve beyond creating elites, focusing instead on justice, job creation, and sustainable development in a nation still grappling with apartheid’s legacy.

B-BBEE’s Role in Combating Economic Exclusion

Dr Moleko’s piece underscores the stark reality of South Africa’s economic divide, where millions remain on the sidelines without meaningful participation. “Over 12.6 million South Africans are excluded from the economy, with many without assets or income,” she writes, emphasising that this exclusion hampers national progress. B-BBEE, she insists, is not about favouring a select few but about rectifying deep-rooted disparities to build a fairer society.

Introduced in 2003, B-BBEE aims to promote black participation in the economy through ownership, management, skills development, and supplier preferences. Moleko argues that strengthening this framework is crucial for the new Government of National Unity to deliver on its promises of growth and equality. She points to the need for businesses to embrace reinvestment, ensuring that transformation leads to broader wealth distribution and reduces poverty. Without this, the economy risks stagnation, as unequal access limits innovation and consumer spending.

Her views align with ongoing debates, especially after the 2024 elections, where economic inclusion became a key campaign issue. Moleko warns that ignoring transformation could perpetuate cycles of inequality, urging policymakers to view B-BBEE as a tool for justice and shared prosperity.

Dr Moleko’s Expertise and Contributions to Transformation

As chairperson of the National Empowerment Fund (NEF), Dr Moleko brings decades of experience in development finance and economic policy. Appointed to this role in recent years, she leads an organisation that provides funding to black-owned businesses, fostering entrepreneurship and industrial growth. Her academic background includes an Honours in Business Science (Economics) from the University of Cape Town and an MPhil in Development Finance from Stellenbosch University, culminating in her groundbreaking PhD—the first for a woman in South Africa in this field.

Before her current position, Moleko served as CEO of the Joe Gqabi Economic Development Agency, where she drove regional growth initiatives. She is also a core faculty member at Stellenbosch Business School, teaching Economics and Statistics, and has contributed to various advisory bodies. In 2022, President Cyril Ramaphosa appointed her to the Broad-Based Black Economic Empowerment (BBBEE) Advisory Council, where she helps shape policies for inclusive empowerment.

Moleko’s work extends to research and advocacy, with publications on industrial funding, gender equality, and sustainable development. She has spoken at international forums, emphasising Africa’s role in global economies. Her holistic approach combines theory with practical solutions, making her a respected voice in transformation debates.

Call for Inclusive Growth and Business Reinvestment

Moleko stresses that B-BBEE should evolve to emphasise reinvestment and equitable opportunities, moving beyond compliance to genuine impact. “B-BBEE aims to address historical inequalities, not create new elites,” she notes, advocating for businesses to focus on skills training, supplier development, and community upliftment. This shift, she believes, will spur economic growth by integrating marginalised groups into productive roles.

She highlights the potential of B-BBEE to create jobs and reduce unemployment, which stands at over 32% nationally. By supporting black entrepreneurs and women-led enterprises, the policy can drive innovation in sectors like manufacturing, agriculture, and technology. Moleko also calls for monitoring to ensure benefits reach grassroots levels, preventing elite capture that has drawn criticism in the past.Her opinion aligns with recent government efforts, such as the BBBEE Amendment Bill, which seeks to strengthen enforcement and penalties for fronting. Moleko urges a collaborative approach involving government, business, and civil society to make transformation a national priority.

Transformation Essential for Justice and Prosperity

Ultimately, Moleko insists that true economic revival depends on embracing B-BBEE as a foundation for justice. “Transformation is essential for justice and prosperity for all South Africans,” she concludes, warning that without it, the nation risks perpetuating divisions. Her piece serves as a timely reminder amid calls for policy reviews in the new administration.

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