Amended B-BBEE codes 'drive growth'

Driving growth in the
economy is the aim of the
amended. Broad-Based Black
Economic Empowerment
(B-BBEE) codes, according
to Jacob Maphutha, director
of BEE Partnerships with
the department of trade and
industry.
He said the amended codes,
signed off by President Jacob
Zuma in January this year,
would bring about the muchneeded
change in the country
as the codes were now aimed
at true empowerment and
development.
“The aim of the changes is
to not burden small businesses
with legalities, but to focus
on growing their businesses
so that they can create jobs.
That is what we need to grow
the economy of the country,”
he said, explaining the
reasoning behind the decision
for the codes to apply only to
businesses with a turnover of
R10 million and more per year.
Maphutha said big
industries and companies
would be held strictly
accountable with major
penalties imposed on anyone
found guilty of fronting.
“We want to effect real
change in the country and
therefore we have amended
the B-BBEE Act to bring
about the growth and the
transformation that this
country needs to move
forward.”
According to Maphutha,
the concept of supplier
development will be actively
encouraged in the future.
“It is very commonplace in
countries like Japan where
you find big conglomerates
procuring from small
companies,” he said. “It is
about creating relationships
between big business and
small enterprises, ultimately
increasing production in the
country. There is no doubt that
more localisaiton is needed.
We cannot just depend on
imports. The new B-BBEE
codes are aimed at supporting
this and bringing about the
necessary change that will
ultimately see economic
growth.”
He said at the same
time aspects such as skills
development and job creation
were also being addressed.