Monday, January 18, 2021
Event News

Buy black initiative hopes to raise R7bn

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The Buy Black Foundation is calling all South Africans to support the Buy Black Week Campaign by spending their money on black-owned products in order to reduce the country’s inequality, poverty, and upgrade the township economy. This could result in more than R7bn being circulated in black communities.

The Buy Black Week Campaign launch was held at Kol Café in Meadowlands, Soweto and will run from the 7th of December until the 14th. The campaign encourages at least 10 million South Africans encouraged to spend just R100 a day on a black-owned business product for seven days.

Founder of the foundation, Sihle Bam said the campaign is aimed at ensuring that the scourge of inequality in SA is reversed. “South Africa has got the world’s most unequal economy. The purpose of this campaign is to inspire consumers to spend their money on black-owned products and services, and we are doing this as a means to reduce South Africa’s economic inequality, reduce the rate of poverty, and also to boost the township economy,” said Bam.

Additionally, the foundation also launched a black business directory, which is a digital platform where consumers can search for black-owned businesses in various sectors. Youth Development and Events Director at the foundation Nokwanda Mkhize said they want to mobilize the youth to be part of spreading the word about this campaign.

“The purpose of this campaign is to mobilize South Africans especially the youth so that we can educate them and mobilize them to join us in achieving this. We want all South Africans to support black businesses,” said Mkhize.

Business owners from different sectors including construction, events and media pledged their support to the campaign. Tate Madlala from Flyer Ticketing said their business only use black suppliers when procuring goods and services. Bonga Masoka, Founder of Splash Coatings Africa said, “If we can have a culture of ubuntu of supporting each other at funerals, wedding, and events, we should learn to have ubuntu when it comes to supporting each other in business”.

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