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Black Business Council Pushes for African Bank Ownership by Black Hands

Black Business Council Pushes for African Bank Ownership by Black Hands

The Black Business Council (BBC) has rekindled its advocacy for the transfer of control of African Bank into the hands of black individuals, citing the legacy of the late Dr. Sam Motsuenyane, a pivotal figure in the bank’s inception. Dr. Motsuenyane, revered as a pioneer in black business circles, passed away at the age of 97 after a prolonged illness.

Echoing sentiments at the BBC Summit, President Elias Monage underscored the importance of honoring Dr. Motsuenyane’s vision amid apartheid-era challenges. Monage emphasized the necessity of preserving African Bank as a pivotal institution accessible to all segments of society, including businesses and workers.

“In commemorating Dr. Motsuenyane’s legacy, we advocate for the retention of African Bank within black ownership,” stated Monage. “This endeavor aligns with our broader objectives of fostering economic inclusivity and empowerment.”

The BBC’s renewed call for African Bank’s black ownership stems from a longstanding commitment to advancing black entrepreneurship and economic autonomy. Previously, in 2019, the BBC expressed interest in acquiring the South African Reserve Bank’s stake in African Bank and outlined plans for establishing a black-owned financial institution.

President Cyril Ramaphosa, speaking at the BBC Summit, reflected on the historic challenges faced by black entrepreneurs under apartheid’s economic regime. He emphasized the imperative of dismantling barriers to economic participation and empowering marginalized communities.

“The economic disparities entrenched during apartheid necessitate concerted efforts to foster inclusive growth and economic justice,” remarked President Ramaphosa. “Collaborative endeavors between the government and organizations like the BBC are instrumental in driving meaningful transformation.”

The BBC Summit, held under the theme “30 Years of Democracy – Progress so far and Plans to Accelerate Implementation of Reforms,” underscores the ongoing commitment to advancing economic empowerment and fostering an inclusive economic landscape in South Africa.

As discussions persist, the BBC remains steadfast in its pursuit of economic transformation, propelled by the enduring legacy of figures like Dr. Motsuenyane, whose vision continues to inspire generations of black entrepreneurs and advocates for economic justice.

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