Gary Player has urged the South African government to scrap B-BBEE, arguing that it deters investment and undermines the country’s economic potential.
Speaking during a weather delay at the Gary & Vivienne Player Invitational at Sun City, held to mark his 90th birthday, the South African golf legend said that policies such as B-BBEE (Broad-Based Black Economic Empowerment) and the Expropriation Act were fuelling uncertainty among local and international investors.
“South Africa, we’ve got problems. Got big problems,” he said, as quoted by Independent Media. “Introducing a bill with no compensation gives the impression that they [the government] could come and take it. That means they’re stealing it. We’re discouraging people to invest.”
Player, who owns farms and has long been involved in business ventures across South Africa, said the Expropriation Act – which allows for land seizures without compensation in certain cases – sends the wrong message to the global market.
As a proud South African, he said he wants to see the country thrive, but warned that reform is urgently needed to restore investor confidence.
“I’ve spoken to government officials, but they weren’t listening; they don’t listen,” he said. “We’ve got to have systems like the rest of the world, where you encourage people to come and invest.”
Article Link: Player warns B-BBEE is bunkering SA