JOHANNESBURG (Reuters & CNBC Africa) – South Africa’s ruling African National Congress has adopted a resolution calling for the nationalisation of the central bank and land expropriation without compensation, a senior party official said on Wednesday. The rand barely moved on the news hovering at 12.72 to the dollar.
Following a meeting of party delegates, the head of the ANC’s economic transformation committee Enoch Godongwana told reporters the ownership of the South African Reserve Bank would not affect the regulator’s independence.
He said the party had also agreed to initiate amendments of the constitution to achieve land expropriation without compensation, but gave no timeline. He said there would be no illegal occupation of land.
He also said the discussion around land:
The land issue almost collapsed #ANC54 – Enoch Godongwana (what will it do to the rand?)
— CNBC Africa (@cnbcafrica) December 20, 2017
#ANC54 What ever policy we pursue on land it must not impact on financial institutions – Enoch Godongwana
— CNBC Africa (@cnbcafrica) December 20, 2017
Comment to the proposals were mixed on social media:
@MYANC just assured itself of @EFFSouthAfrica support on this issue and most likely a coalition partner to fully implement this policy both at parliament and govt level
— peter moyo (@petermoyo6) December 20, 2017
EFF gave you a chance in parly to be ‘radical’ about it, but no you voted with DA. It shouldn’t be a big deal moss now?
— Shaun Manzi (@shaunmanzi) December 20, 2017
Have we not learned anything from the Zimbabwe situation on land expropriation without compensation?
— KING B (@Hroda) December 20, 2017
Though I fundamentally agree with free education and ambitions land reform, the ANC is playing with fire if it thinks it can just make these promises without delivering. These aren’t issues to play political games with. #ANC54
— Sizwe Mpofu-Walsh (@SizweMpofuWalsh) December 20, 2017
