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Mbalula Says South Africa Needs More Black Billionaires as BEE Debate Heats Up
Polokwane South African politics was abuzz this week when Fikile Mbalula, the secretary-general of the African National Congress, spoke candidly about the state of economic transformation in the country. At a gathering honouring ANC stalwart Peter Mokaba, Mbalula didn’t mince his words. He urged South Africans to look beyond slogans and confront the uncomfortable truth that wealth in this country remains heavily skewed along racial lines, with only one Black face among the billionaire class. The one exception is mining magnate Patrice Motsepe.
For many people living in Johannesburg and beyond, this debate isn’t abstract. It resonates on the streets of Soweto and in communities across Durban and Cape Town, where access to economic opportunity still often feels out of reach for Black South Africans decades after apartheid formally ended. When Mbalula asked whether we have ever seen a white homeless person or a white person living in a shack, he was echoing everyday observations that many South Africans make about inequality.
BEE and Why It Still Matters
Mbalula defended Broad-Based Black Economic Empowerment, the country’s flagship policy designed to correct historic injustices in access to business opportunities. The ANC stalwart argued that transformation laws are necessary precisely because the economic landscape has not yet achieved meaningful equity. “How do we get rid of Black economic empowerment when transformation has not arrived?” he said, insisting that the struggle for economic justice is far from over.
His remarks come amid wider debate in South Africa about the effectiveness of BEE. Critics have long argued that while the policy opened doors for a select few, it has not done enough to uplift the broader Black population. Others, including some international actors, have urged South Africa to rethink the policy, suggesting it may deter investment or favour political elites.
Still, Mbalula and many in the ANC see BEE not as an obstacle but as a bridge to a more inclusive economy. In public conversations on social media platforms like X and Facebook, supporters of transformation argue that undoing BEE would risk returning to an economy where only a tiny elite prospers. Some commentators say this could leave everyday South Africans feeling like spectators in a game where they should be players and beneficiaries.
Calls, Critics, and Alternatives
Amid this debate, the opposition Democratic Alliance has presented its own proposal, named the Economic Inclusion for All Bill. The DA says its model would grow investment without race-based criteria, aiming to boost economic inclusion and job creation without discriminating against any group. They believe this approach could foster growth while avoiding the pitfalls they attribute to BEE.
Mbalula, however, has rejected such proposals as attempts to “kill redress” and return power to those already advantaged by history and policy. His stance reflects a deep belief shared by many on the left of South African politics that transformation must be actively pursued, not just celebrated.
A Conversation That’s Just Beginning
What this week’s exchange highlights is that South Africa’s conversations about race, economy, and justice are evolving. From Joburg to Polokwane and across townships, ordinary citizens are weighing in, sharing their hopes and frustrations online, at dinner tables, and in workplaces. Many want to see a future where wealth is not so unevenly distributed and where more Black South Africans can build generational businesses and wealth.
For now, Mbalula’s rallying cry about more Black billionaires has added fresh fuel to a long-running national discussion. Whether this sparks new policies, invigorates old ones, or reshapes public opinion remains to be seen. What is clear is that in South Africa, transformation isn’t just a policy term; it’s a lived reality that continues to challenge and inspire.
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Source: The Citizen
Featured Image: News24
