Freedom Day’s legacy and the slow pace of black economic empowerment

• Published date: 26 April 2024
• Publication title: Star, The (Johannesburg, South Africa)

Yet, members of the anti-apartheid movement not only fought for the equal right to vote and take political office, but for the economic freedom of every black South African

With this in mind, we must acknowledge that 30 years into demo- cracy, we have come a long way – but not nearly far enough.

A critical challenge remains even in today’s society: a lack of transformation, economic inclusivity, and empowerment. Too few black South Africans hold executive positions in our country’s most influential corporations.

Consider that according to the Commission for Employment Equity’s latest annual report, 62.9% of top management positions remain occupied by white people, while nearly three-quarters of these positions are held by men.

Meanwhile, the Trade and Industrial Policy Strategies (Tips) organisation reveals that some 95% of informal businesses are owned by black South Africans who, by implication, remain marginalised and excluded from the formal economy.

Ultimately, economic empower- ment is essential to the sustainable growth and development of our nation.

To expand our tax base, create job opportunities, and lift households out of poverty, we must create an environment in which more black-owned businesses can thrive.

Likewise, numerous studies have proved that diversity at the executive and boardroom level benefits bottom lines.

As a result, we must emphasise increasing investments into black-owned businesses, the development and promotion of black executives, and organisational transformation at major corporates to unlock our country’s full growth potential.

Taking measures to encourage change

As the CEO of the black-owned and operated Moti Group of companies, as well as in my role as the chairperson of the Government Employees Pension Fund (GEPF), this has been a focal point of my dealings, believing that, as business leaders, we all need to set the example in ensuring that more young black men and women succeed in professional environments.

To promote more diverse and inclusive organisations, we must clear the road ahead for these young people to enter, and then hold the door open so that more experienced men and women can achieve senior leadership positions in recognition of their contributions and abilities.

We must implement targeted policies and initiatives that support diversity on a greater level than we have done over the past three decades.

And, as investors and leaders, we must...