Originally set to close soon, the consultation period has now been extended by 15 days, giving the public until May 28, 2025, to submit their views.

The fund, which aims to inject five billion dollars into black-owned businesses and small, medium, and micro enterprises focuses on vital sectors such as agriculture and energy. This move forms part of the government’s broader strategy to promote economic transformation in line with the Broad-Based Black Economic Empowerment Act.

Minister Parks Tau explained that the Transformation Fund would primarily be built by pooling resources from existing Enterprise and Supplier Development initiatives. “By consolidating these funds, we aim to accelerate the pace of transformation,” said DTIC Spokesperson Yamkela Fanisi.

Tau also stressed the importance of accountability in the fund’s management. "We think that the key issues that will feature in the fund are strong accountability when we distribute the funds," he noted. "We’re establishing a robust structure, with boards that will oversee the fund’s activities. These boards will have the authority to monitor its distribution and ensure transparency, including quarterly reports that detail who received the funding, where, and in which sectors. The goal is not only to make a significant impact but also to be accountable for every cent spent."

South Africans are encouraged to take part in the consultation process, ensuring that the fund is shaped in a way that benefits all citizens and fosters long-term, inclusive economic growth.

--ChannelAfrica--