The Importance of B-BBEE

We are often faced with the question: But why is B-BBEE important? What is its goal? Well, thinking that our own reasons may not be enough, we had a look at a few articles and found some good points. Here are a few: 

  • B-BBEE promotes economic transformation in order to enable meaningful participation of black people in the economy.
  • With it, we can achieve a substantial change in the racial composition of ownership and management structures of existing and new enterprises. 
  • It increases the extent to which communities, workers, cooperatives and other collective enterprises own and manage existing and new enterprises and increase their access to economic activities, infrastructure and skills training.
  • To Promote Investment programmes that lead to broad-based and meaningful participation in the economy by black people in order to achieve sustainable development and general prosperity.
  • BBBEE accreditation can have a positive impact on society as it supports governmental initiatives for transformation. 
  • Development of the operational and financial capacity of B-BBEE enterprises, especially small, medium and micro enterprises (SMMEs) and black-owned enterprises.
  • An increase in the extent to which black women own and manage existing and new enterprises, and facilitate their access to economic activities, infrastructure and skills training.

Looking through these reasons, they should be enough for one to see the objective and importance of B-BBEEE. We can’t expect to see change if we do not act upon the change we would like to see and B-BBEE is one of the ways that we can do this. 

Sources: https://www.labournetblog.com/post/2017/10/03/the-importance-of-b-bbee-to-the-economy-and-your-business 

https://topempowerment.co.za/the-importance-of-b-bbee/ 

https://cenfed.co.za/importance-bbbee-accreditation/