Answer to Question #164354 in Management for BradleyB

Question

Explain the meaning of the acronym “BBBEE” and briefly discuss what in your view the state of BBBEE is in South Africa.

Answer 1

Broad-based Black Economic Empowerment refers to the program for integration that the South Africa government launched to help South Africans' reconciliation objectively address the inequity of resource distribution caused by the Apartheid. The BBBEE was also formed to facilitate the compensations and repossession of land back to Africans. The Broad-Based Black Economic Empowerment Act (Act 53 of 2003) made progress to counteract economic injustices brought about by racism.

South African Government opted to use the BBBE ( Act of 2003 ) to solve the unemployment crisis that hit the largest population of South Africa. On the eleventh of February of 2020, the South African Government registered about 10.3 million unemployed youth aged 15 to 24. The act has significance in addressing the vulnerable race that is disadvantaged by the economic environment of the developed nation of South Africa.