Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

ANC Rejects Notion All South African Land Be State-Owned, President Says

Published 17/07/2018, 05:13 am
Updated 17/07/2018, 07:43 am
© Reuters.  ANC Rejects Notion All South African Land Be State-Owned, President Says

(Bloomberg) -- South Africa’s ruling party “rejects the notion” that all the nation’s land be owned by the state, President Cyril Ramaphosa said.

While the concept of “willing buyer, willing seller” hasn’t seen the majority of land being transferred to black citizens who were disenfranchised during white-minority rule under apartheid, the African National Congress wants all people to have similar rights to land, he said in an interview broadcast on Johannesburg-based eNCA Monday.

“Land is an asset that people want to have in their hands so that they can work this asset,” he said. We’re going to embark on an agricultural revolution that’s going to empower our people to work land effectively.” Businesses with land “are willing participants” and want to be “cut into the solution,” he said.

Land and the access to it is one of the symbols of inequality in the nation of about 56 million where wealth and poverty are largely divided along racial lines. Today, white people own almost three quarters of South Africa’s agricultural land, according to a land audit by farm lobbying group Agri SA, down from 87 percent during the segregation system known as apartheid.

The ANC is pushing for the right to seize land without compensation for redistribution to black citizens to tackle an issue that divides the nation once infamous for a legislated system of racial segregation. The decision brings the party closer to the populist Economic Freedom Fighters party, which has won support from young voters in impoverished townships by vowing to nationalize everything from land to banks.

‘Love Affair’

The ANC will contest national elections next year in the first ballot since the opposition won control of several key municipalities, including the biggest and richest city, Johannesburg, and the capital, Pretoria, in 2016.

Voters “are rekindling their love affair with the ANC” after distancing themselves from the party after it “deviated from its values,” Ramaphosa said.

“Our mission is to have a united ANC,” he said. “We’re busy holding conferences around the country, and those are being underpinned by spirit of renewal. I am confident -- confident underlined -- that the ANC is going to forge unity and we’ll go into the elections as a united force.”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.