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Land Bank warns against plan to expropriate land

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The Land Bank has warned that the state’s plan to expropriate land without compensation could trigger defaults that could cost the government R41-billion if the bank’s rights as a creditor are not protected.

The Land Bank provides financial services to the commercial farming sector and other agricultural businesses.

President Cyril Ramaphosa announced earlier in August that the governing ANC was forging ahead with plans to change the constitution to allow the expropriation of land without compensation.

Some investors are concerned that the ANC’s reforms could result in white farmers being stripped of land to the detriment of the economy, as was the case in Zimbabwe.

However, Ramaphosa has repeatedly said any changes would not compromise food security or economic growth.

[Source: SABC]
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