National Planning Commission Minister in the Presidency Trevor Manuel conceded on Tuesday that the broad-based black economic empowerment (BBBEE) policy needed to be revised.

Manuel was responding in the National Assembly to a statement by Congress of the People MP Willie Madisha, who said BBBEE was a misnomer.

"It is neither broad-based nor empowering to the disadvantaged people of our country," Madisha said.

Cope therefore supported grassroots economic empowerment (GEE), which was what the people of South Africa were demanding.

Call for referendum

A referendum on the matter would show this to be true and return an overwhelming response in support of GEE.

Even the ANC's own youth league was vociferous in its condemnation of the "very small circle of people" that BBBEE had benefited.

"List beneficiaries"

"Cope urges government to produce an audit listing the people who were the beneficiaries of that empowerment and the quantum of the benefits they have acquired.

"This will allow the nation to judge whether the empowerment, so-called of course, has achieved its primary objectives, including the period set for those objectives to be achieved.

"Failure to do so will confirm the public view that BBBEE was smoke and mirrors, a display meant to dazzle without delivering anything to the target [group], excluding the chosen few, of course," Madisha said.

Responding, Manuel said he agreed BBBEE had to be revised.

"We must ensure that the constitutional imperative of ensuring a diversity of ownership is attained, but that we take the lessons from the last decade or so forward," Manuel said.

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