JOHANNESBURG, December 22 (ANA) – South African business lobby AfriBusiness says it will oppose the ruling ANC’s proposed land expropriation policy through legal and other measures where necessary.
The African National Congress resolved at its 54th national conference to amend the Constitution to allow for expropriation of land without compensation as it tries to speed up a redistribution programme to address historical ownership imbalances.
In a statement on Thursday, AfriBusiness, which boasts 12,000 members, said the move showed “ANC only tolerates, not respects, property rights”.
“The ANC is essentially ramping up radical economic transformation. Resolutions taken strikingly include expropriation without compensation and the nationalisation of the South African Reserve Bank ,” AfriBusiness CEO Piet le Roux said.
” AfriBusiness will strongly oppose this, where applicable, with legal action and, where necessary, with stronger measures. With few exceptions, what comes from this conference will be economically and socially damaging.”
Business Unity South Africa (BUSA) also expressed concern over the ANC’s plans on Thursday, saying the proposed land expropriation would result in policy uncertainty with negative socio-economic impact.
– African News Agency (ANA), Editing by Stella Mapenzauswa
