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 mobilise the youth to be part of spreading the word about this campaign.
“The purpose of this campaign is to mobilise South Africans especially the youth so that we can educate them and mobilise 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, more so for the purpose of job creation.
Tate Madlala from Flyer Ticketing – an online event ticketing company 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."
Various business owners pledged a total of R10,000 to support the foundation’s work.
Week-long campaign inspired by economic inequality
Buy black initiative hopes to raise R7bn
Supporting black businesses by buying their products during a Buy Black Week could result in more than R7bn being circulated in black communities.
This is according to the Buy Black Foundation which has made a call to 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.
The foundation officially launched its first annual Buy Black Week Campaign last week at Kol Café in Meadowlands, Soweto. The campaign will run on December 7-14 with at least 10 million South Africans encouraged to spend just R100 a day on a black-owned business products 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.
The foundation wants to use this campaign week to yield a circulation of R7bn in the black community in one week.
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 mobilise the youth to be part of spreading the word about this campaign.
“The purpose of this campaign is to mobilise South Africans especially the youth so that we can educate them and mobilise 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, more so for the purpose of job creation.
Tate Madlala from Flyer Ticketing – an online event ticketing company 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."
Various business owners pledged a total of R10,000 to support the foundation’s work.