logo

ANC adopts resolutions to expropriate land without compensation, nationalise central bank

PUBLISHED: Wed, 20 Dec 2017 21:48:38 GMT

Share

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.

For More on #ANC54

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:

— CNBC Africa (@cnbcafrica) December 20, 2017

— CNBC Africa (@cnbcafrica) December 20, 2017

Comment to the proposals were mixed on social media:

— peter moyo (@petermoyo6) December 20, 2017

— Shaun Manzi (@shaunmanzi) December 20, 2017

— KING B (@Hroda) December 20, 2017

— Sizwe Mpofu-Walsh (@SizweMpofuWalsh) December 20, 2017

 Reporting by Alexander Winning and Ed Stoddard; Writing by James Macharia; Editing by Andrew Roche

Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.

RELATED