Browsing: Economic empowerment

Africa's financial literacy deficit

Financial knowledge remains paramount in an era in which increasingly complex financial products have become readily available to many. Governments in different countries have put more effort into expanding access to financial services. Consequently, the number of individuals with bank accounts and access to credit products is increasing.

Financial literacy remains crucial to personal and economic empowerment, enabling people to make sound financial choices and manage their finances effectively. Africa suffers from a significant shortage of financial literacy, which hinders its economic growth and development.…

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Pursuing economic empowerment through purely legalistic and regulatory means has fatal shortcomings which defeat the premise of black or native participation in the economy because history has taught that such a strategy creates a very skewed distribution of the wealth that must be sustainably shared.

Black Economic Empowerment and Indigenization pursued solely from this strategy is a sophisticated form of socialism especially where there is little in the way of economic growth. Its process and eventual outcome create a skewed wealth distribution and novel kind of class structure. 

A vibrant economy is the most potent instrument of empowerment, inclusion, and participation of the people of that country. Vibrant economies are not the result of chance but are the result of deliberate pursuit and action.

Read: Three things TMEA brings to Ethiopia in expansion plans

Creating an economy that is enabling and empowers all citizens requires the development of the following

economic empowerment south africa

Whatever the reason, the outcome was that most notable BEE transactions went to Patrice Motsepe’s African Rainbow Minerals and Ubuntu Botho Investments, Tokyo Sexwale’s Mvelaphanda Holdings and the current President Cyril Ramaphosa’s Shanduka Investments which is now part of the Pembani Group.

Legislated empowerment whose focus was primarily on ownership levels produced heavily skewed results towards benefitting political stalwarts and not the broader masses that were previously disadvantaged during apartheid. …

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