Jump to navigation

Vol 50 No 6

Published 20th March 2009


South Africa

BEE hits the credit crunch

The transfer of wealth to black owners is slowing as the wealth fades, leaving a deep political hole behind it

The collapse of the world economy, and of demand for raw materials, has brought down the Johannesburg Stock Exchange, rocked South Africa's carefully regulated financial sector and endangered the big mining firms on which the country's relative prosperity was built. Next, it threatens the strategy of Black Economic Empowerment (BEE) which was designed to transfer economic power into the hands of the majority. The African National Congress, preparing for elections on 22 April, faces a new and intractable challenge, both economic and political.

End of preview - This article contains approximately 1644 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you have a print subscription already, click here for a password that gives you full access to the website.

If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.