Much political, legislative and administrative time has been consumed by debate over expropriation without compensation, but it is worth recalling that in 1997 the ANC’s land reform policy was formulated along three pillars: restitution, redistribution and land reform.
The Expropriation Without Compensation Bill, currently before Parliament, has the potential of devastating the South African economy.
For a country desperate for higher rates of investment to ignite sustainable economic growth, the Expropriation Bill, and the headlines that have accompanied its passage through parliament’s consultation processes, could not have been more poorly timed.
Judging by recently reported indicators of global economic activity, this outlook is now being borne out.
Expropriation of property at below market value or with nil compensation looms large for all property owners, investors and savers in South Africa.
Chapter 6 of the National Development Plan (NDP) sets out the parameters for an integrated and inclusive rural economy.
