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Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003)

Preamble

 

WHEREAS under apartheid race was used to control access to South Africa's productive resources and access to skills;

 

WHEREAS South Africa's economy still excludes the vast majority of its people from ownership of productive assets and the possession of advanced skills;

 

WHEREAS South Africa's economy performs below its potential because of the low level of income earned and generated by the majority of its people;

 

AND WHEREAS, unless further steps are taken to increase the effective participation of the majority of South Africans in the economy, the stability and prosperity of the economy in the future may be undermined to the detriment of all South Africans, irrespective of race;

 

AND IN ORDER TO—

• promote the achievement of the constitutional right to equality, increase broad-based and effective participation of black people in the economy and promote a higher growth rate, increased employment and more equitable income distribution; and
• establish a national policy on broad-based black economic empowerment so as to promote the economic unity of the nation, protect the common market, and promote equal opportunity and equal access to government services.