WINDHOEK - The New Equitable Economic Empowerment Framework (NEEEF), Namibia’s new euphemism for black economic empowerment (BEE), has ruffled the feathers of the private sector.
The private sector says there was no prior consultation on NEEEF and that the new plan lacks determination to address the root causes of economic inequalities in the country.
The Namibians have a new transformation system which seems to have replaced TESEF. This notice from the 19th of October (2011) tells us more
The Namibian Government is to implement a plan that would empower previously disadvantaged communities to benefit from economic activities in the country. Prime Minister Nahas Angula tabled the New Equitable Economic Empowerment Framework (NEEEF) in the National Assembly
The New Era provides the following insight into NEEEF
NEEEF would make use of a rating system that allocates points to private companies on five empowerment pillars to determine whether they satisfy the requirement to be considered empowered. Fishing, manufacturing, construction, trade, tourism, telecoms, logistics, mining, agriculture and financial services, are the sectors targeted.
The programme is to be in place for 25 years starting this year until 2036, but components would be adjusted according to experience and circumstances.
A commission for Equitable Economic Empowerment will provide a written annual report to the Prime Minister and parliament on progress on NEEEF.
There would be a review every five years. Companies would score points on ownership, management control, employment equity and human resources as well as skills development.
The article suggests that the plan is to be elaborated today. If anybody gets an early release please send it to me.
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