An opinion piece published in the Sunday Times argues that South Africa’s economic revival depends on deepening—not retreating from—transformation. The piece, written by Dr Nthabiseng Moleko (chair of the National Empowerment Fund), positions Broad-Based Black Economic Empowerment (B-BBEE) as an essential tool for correcting structural inequalities and driving inclusive growth.
Moleko writes that the latest Quarterly Labour Force Survey underscores the scale of economic exclusion, with more than 12.6 million South Africans outside formal economic participation. This exclusion, she argues, translates into households without ownership, productive assets, or meaningful income — and remains visible across all sectors, from agriculture and manufacturing to plastics and retail.
Despite three decades of democracy, Moleko notes that economic power continues to reside with a small minority, while millions of black South Africans — particularly women, youth, and rural entrepreneurs — remain shut out of the mainstream economy. B-BBEE, she says, was designed to address this imbalance, not to create new elites.
According to her piece, transformation should be understood as broadening participation, unlocking potential, and ensuring that prosperity is shared. She warns that the misconception of B-BBEE as a growth obstacle must be challenged, emphasising that the policy has proven its value when implemented with intent. Evidence from the B-BBEE Commission shows that prior to the pandemic, more than R100bn in ownership deals were being concluded each year, with around R10bn annually flowing into enterprise and supplier development and skills programmes.
Moleko cautions that South Africa’s reliance on market-led growth has failed to reduce inequality or accelerate job creation. With the economy growing at around 1% a year—well below emerging-market averages—and private investment falling to historic lows, she argues that the country is effectively experiencing an “investment strike”. Companies are retaining profits instead of reinvesting in factories, jobs, and productive capacity.
She cites the National Empowerment Fund’s recent performance as evidence of what focused transformation can deliver. In 2024/25, the NEF invested R1.01bn in 197 SMEs, supporting the creation of over 13,600 jobs, with nearly 60% of its funding directed toward reindustrialising the manufacturing sector.
Moleko’s central message is that inclusive growth is impossible without deliberate redistribution and expanded participation across race, gender, geography, and class. Achieving this requires strong state capacity, aligned economic policy, and a reciprocal partnership between government and the private sector. Businesses, she argues, must commit to reinvestment, market access, and equitable opportunity.
In her view, B-BBEE and competitiveness are not opposing forces, but mutually reinforcing. Transformation is not charity, she writes — it is justice. And for South Africa to prosper, every citizen must have a stake in the economy as an active participant, not a spectator.