BREAKING NEWS: ANC resolves to expropriate land and nationalise central bank
Row erupts as ANC guns for expropriation of land without compensation and nationalisation of the South African Reserve Bank
The ANC has adopted a resolution calling for the nationalisation of the central bank and land expropriation without compensation. The rand reversed gains of as much as 1.1% against the dollar and was 0.3% weaker at 12.7435 by 10:15 p.m. in Johannesburg. 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. “There should be no illegal occupation of land,” Godongwana said. “That is part of the resolution we have taken.” Sources in the plenary said tense discussions about land expropriation saw delegates who were sponsoring conflicting views start shouting and nearly come to blows. Marshals and members of the security detail at the conference intervened and some d...
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