BEE needs national commitment

THE Namibia Economic Society (NES) yesterday held a stakeholders’ Black Economic Empowerment breakfast meeting, which saw leaders in both the public and private sectors sharing ideas on BEE in Namibia.

The meeting was held as part of the ongoing interaction involving relevant stakeholders, shareholders and public catalysts to reach a broad-based consensus on BEE interventions in the country. Prime Minister Theo-Ben Gurirab said the nation needed to embrace BEE objectives, seize opportunities they offer and mitigate associated challenges.Gurirab said the word “black” was a mere label and not a threat to stability and prosperity, adding that economic empowerment should not be a problem but a solution which needs cooperation from all fronts.The PM noted with concern the International Monetary Fund’s stance on BEE.”I have noticed that IMF is rearing its ugly head by preaching the usual stuff, this time about BEE initiatives in Southern Africa.Its scare tactic is to broadcast a falsehood that BEE interventions in economic and financial sectors will scare off foreign investors.”IMF’s so-called Structural Adjustment Programme has created social dislocations in Africa and scared off foreign investors.We will continue to honour our promise to keep IMF out of Namibia, by ensuring macro-economic stability and reducing budget deficit.”Gurirab said freedom and independence brought black majority rule in the region adding that this change had actually benefited the previously advantaged than the previously oppressed and disenfranchised majority; hence there should never be a problem with BEE.He said his office was currently consulting on the content of the country’s BEE policy and legislative framework, which when ready would be updated to Cabinet and Parliament.Consultative road-shows with stakeholders, opinion-makers and grassroots activists will also be conducted.Namibia Chamber of Commerce and Industry (NCCI) chief executive officer, Tarah Shaanika speaking on a business perspective of BEE, reiterated on the PM’s words and said economic empowerment had become the topical issue in the country.He said BEE was a business imperative that should aim to embrace the previously disadvantaged in economic growth of the nation, as envisaged by Vision 2030.He said equity participation, although important, was not the sole component of BEE adding that skills development was just as crucial.Shaanika said the NCCI recently appointed a BEE committee which was to consult with relevant stakeholders on the issue.PriceWaterhouseCoopers managing director, Albe Botha gave a presentation on BEE – Financial Perspective in which he emphasised that it was vital that all parties involved in economic empowerment should be well informed on what is expected of each, security required, basis of valuation, tax implications of funding, cash flow implications of funding and costs involved relating to funding and structuring.Prime Minister Theo-Ben Gurirab said the nation needed to embrace BEE objectives, seize opportunities they offer and mitigate associated challenges.Gurirab said the word “black” was a mere label and not a threat to stability and prosperity, adding that economic empowerment should not be a problem but a solution which needs cooperation from all fronts.The PM noted with concern the International Monetary Fund’s stance on BEE.”I have noticed that IMF is rearing its ugly head by preaching the usual stuff, this time about BEE initiatives in Southern Africa.Its scare tactic is to broadcast a falsehood that BEE interventions in economic and financial sectors will scare off foreign investors.”IMF’s so-called Structural Adjustment Programme has created social dislocations in Africa and scared off foreign investors.We will continue to honour our promise to keep IMF out of Namibia, by ensuring macro-economic stability and reducing budget deficit.”Gurirab said freedom and independence brought black majority rule in the region adding that this change had actually benefited the previously advantaged than the previously oppressed and disenfranchised majority; hence there should never be a problem with BEE.He said his office was currently consulting on the content of the country’s BEE policy and legislative framework, which when ready would be updated to Cabinet and Parliament.Consultative road-shows with stakeholders, opinion-makers and grassroots activists will also be conducted.Namibia Chamber of Commerce and Industry (NCCI) chief executive officer, Tarah Shaanika speaking on a business perspective of BEE, reiterated on the PM’s words and said economic empowerment had become the topical issue in the country.He said BEE was a business imperative that should aim to embrace the previously disadvantaged in economic growth of the nation, as envisaged by Vision 2030.He said equity participation, although important, was not the sole component of BEE adding that skills development was just as crucial.Shaanika said the NCCI recently appointed a BEE committee which was to consult with relevant stakeholders on the issue.PriceWaterhouseCoopers managing director, Albe Botha gave a presentation on BEE – Financial Perspective in which he emphasised that it was vital that all parties involved in economic empowerment should be well informed on what is expected of each, security required, basis of valuation, tax implications of funding, cash flow implications of funding and costs involved relating to funding and structuring.