Tshegofatso Mathe spoke to people in the South African business world about structural racism in our economy, and what must be done to overcome it
Part of the practical change effected by the movement — not just in the US, but around the world, including South Africa — has been a call to support black business, both as customers and by creating the structures that allow black businesses to compete equally.Keitumetse Diseko, head of marketing at the BrownSense Group, says racism is a structural phenomenon rooted in the exploitation of particular groups that don’t possess political and economic power.
of the direct investment in the exchange’s Top 100 listed companies. That grows to just 23% when you include direct and indirect holdings. Investing in black companies is not only the right thing to do, says Diseko, it also makes economic sense. This kind of focused spending and investment will create stronger communities and a more robust and competitive economy, build local economies and empower small businesses to employ more people. This will eventually lead to the alleviation of poverty in the black communities. , says there has not been enough meaningful assistance for black businesses.
Matabane lambasted the R200-billion coronavirus loan scheme, which is facilitated by banks to aid small businesses. The requirement is that businesses should be in good standing with their bank. She says black businesses face cash-flow problems, including being paid late or not at all for work they have completed.
Matabane says most companies have now adopted a “tick-box approach”. “Some of the companies will be B-BBEE level one [which means the company is 100% black-owned] but when you look at the top structures of these companies, they don’t look like level one. If the situation does not change, there may be a need for the tightening of the legislation to accelerate socioeconomic transformation,” she says.
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