This chapter critically examines Black South African economic empowerment through the philosophical framework of Steve Biko’s Black Consciousness. While post-apartheid economic policies, such as Black Economic Empowerment (BEE), aimed to redress historical injustices, their effectiveness remains contested. Drawing on Biko’s emphasis on psychological liberation, self-reliance, and community-driven development, this study interrogates whether contemporary economic initiatives align with his vision of true empowerment. The paper argues that state-driven top-down approaches have often reinforced elite enrichment rather than fostering broad-based economic autonomy. In contrast, a bottom-up, community-oriented strategy, rooted in cooperatives, social entrepreneurship, and localized control of resources, better aligns with Biko’s ideals. Through a critical analysis of policy outcomes, case studies, and grassroots economic movements, this study explores how Black Consciousness can inform a more transformative economic model that prioritizes self-determination and sustainable development for Black South Africans.