“The New leadership of the Black Business Council (BBC) faces the mammoth task of addressing challenges black businesses face, mainly lack of access to capital or dependable source of capital. Public Investment Corporation is not obligated to support black businesses. Moreover, the National Empowerment Fund, a finance vehicle created for black participation in the economy is undercapitalised.“
New leadership in the Black Business Council (BBC) knows pretty well that they do not have the luxury of a honeymoon period. This is because they are assuming office at time when the country’s economy is as unequal as it was during Apartheid era, with the black majority lacking opportunities to fully participate in the economy.
Outgoing President, Sandile Zungu, AmaZulu Football Club owner and business mogul, highlights the mammoth task the new leadership faces in addressing challenges black businesses face, mainly lack of access to capital. “When you look at access to capital, there is no dependable source of capital for black business. The large institutions such as the PIC do not necessarily have to focus on black economic empowerment,” he laments.
Compounding matters is that even the National Empowerment Fund, a finance vehicle created for black participation in the economy is undercapitalised. Thus far, the BBC’s efforts in lobbying government to be given the requisite capital to fulfil its obligation have proved futile. This will be one of the missions of the incoming leadership
Businessman Elias Monage has succeded Sandile Zungu, AmaZulu FC owner and business mogul, as BBC president. Zungu had served BBC for ten years . In eight years of his involvement with BBC – he held portfolios of general secretary, then as vice-president and lately as president.
While there is still long way to go for black South Africans to reach the economic Promised Land, the BBC can cite the Commission Act as a milestone. The Act has empowered the Competition Commission with the mandate to monitor and curb activities deemed act anti-competitive. In addition, the other area which the BBC has been unapologetic about its stance is the Preferential Procurement for black-owned businesses. Preferential Procurement remains a contentious area, which has resulted in some organisations taking legal action.
Elias Monage already serves on the Brics Business Council with Busa representatives. Tilson Manyoni remains head of policy. Current CEO of the BBC in the built environments, Gregory Mofokeng is vice-president responsible for organised business. Yvonne Maitin, an independent non-executive director at Afristrat, is the vice-president responsible for professionals, while Tilson Manyoni is head of policy, and group CEO of Endoni Group, Tsakani Nkambule, treasurer- general.
The Black Business Council (BBC) is an advocacy group for black businesses and professionals across all sectors,
