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Investors are being misled into believing the government has a good grasp on designing a workable land reform policy that includes expropriation without compensation (EWC) when, in fact, policy considerations have become lost in a swirl of politics and spin. The government has no clear idea who the beneficiaries of land reform or expropriation should be, or how and where land is needed, making it impossible to design or cost an overarching land reform policy that includes EWC. This suggests that the fiscus is in for a rude shock once the actual costs finally emerge. This is one of the key messages in a report on the future of land reform in SA by Intellidex, the capital markets and financial services research house. The report coincides with the decision last week of parliament’s joint constitutional review committee that the constitution be amended to allow the state to expropriate land without compensation. A different committee will draft the wording of the amendment — something ...

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