WHAT IS ECONOMIC EMPOWERMENT?
The Citizens Economic Empowerment Commission (CEEC) Act No.9 of 2006 defines empowerment as “an integrated broad-based and multifaceted strategy aimed at substantially increasing meaningful participation of targeted citizens, citizens empowered companies, citizen influenced companies and citizen owned companies in the economy and decrease income inequalities.”
- Who is the Citizens Economic Empowerment Act Applicable to
Not withstanding any other law, the CEEC Act is applicable to all sectors of the economy including inherent value chains. Notably it applies to:
A. All state institution
B. Any employer that employs at least twenty five (25) people
- What is a targeted citizen?
The CEE Act defines a targeted citizen as “a citizen who is or has been marginalized or disadvantaged and whose access to economic resources and development capacity has been constrained due to various factors including race, sex, educational background, status and disability.
What is a Citizen Influenced, Empowered and Owned Company?
What are the broad-based strategies for economic empowerment?
- Ownership of productive assets and resources
- Increasing the levels of employment in the formal sector
- Increasing household incomes
- Expanding literacy and skills development
- Ensuring Preferential Procurement and access to services of state institutions