Business Unity South Africa (Busa) released its vision on Tuesday for accelerating the deracialisation of the South African economy, acknowledging that the pace and depth of transformation had been insufficient, to date, and that business needed to be more proactive in driving a “culture” of transformation across industries. The framework has been endorsed by all Busa members and is outlined in an 18-page document titled ‘Business Approach to Black Economic Transformation for Inclusive Growth’. The term ‘black economic transformation’ had been selected following vigorous internal debate, but was adopted to underline the imperative of addressing the economy’s skewed racial demographics, as well as a belief within Busa that 80% of the country’s transformation objectives could be met through a focus on deracialisation.
