'Constitutional change is not about land reform. It’s about the election'

pexels.com, 2018

The reformist faction of the ANC is playing a delicate game… this is one of the trade-offs…

Nic Borain

The Constitution doesn’t have to be changed… The Constitution allows it… We shouldn’t try to amend this… Maybe a definitional change is OK…

Cas Coovadia, Banking Association of South Africa

Parliament’s adoption of a resolution to change a part of the Constitution to allow for the expropriation of land without compensation will cause “large-scale damage to the South African economy”, according to Agri SA.

Agri SA says the motion goes against sustainably reforming agriculture, and would knock investor confidence.

On Wednesday President Cyril Ramaphosa told the European Parliament that South Africa would enact land reforms in adherence to the country’s Constitution and with respect for the human rights of all its people.

Ramaphosa further assured the Europeans that land reform would happen in a way that does not threaten food security.

The World Bank, also on Wednesday, said plans to allow for expropriation of land without compensation had unnerved investors.

The Money Show’s Bruce Whitfield interviewed political economist Nic Borain and Cas Coovadia, Managing Director at the Banking Association of South Africa.

Listen to the interviews in the audio below (and/or scroll down for more quotes from it).

This Constitutional amendment is not a healthy one… they’re changing the Constitution not to facilitate land reform, but to perform better at the polls… The Ramaphosa faction fought tooth and nail to stop this, and lost… They fought it because they understood it alarms investors.

Nic Borain

Investors are alarmed, but not panicked.

Nic Borain

I just don’t see it happening [before the election]… it would be technically impossible.

Nic Borain

I don’t think this will reach finality for quite some time yet… We can’t allow the uncertainty to continue, it’s not good for the economy… He needs to reiterate that food security and investment will not be affected…

Cas Coovadia, Banking Association of South Africa

Land reform must be done in a way that brings people into the economy and promotes growth.

Cas Coovadia, Banking Association of South Africa

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : 'Constitutional change is not about land reform. It’s about the election'


Recommended

by NEWSROOM AI
Read More
It’s party time! How Quicket became the place to get a ticket

It’s party time! How Quicket became the place to get a ticket

The Money Show’s Bruce Whitfield interviews James Tagg, co-founder and director at Quicket.

Even upmarket boutiques offer lay-bys! Here’s what you need to know…

Even upmarket boutiques offer lay-bys! Here’s what you need to know…

Lay-by has taken off as a payment option in the last year or two, says consumer journalist Wendy Knowler.

Tom Moyane’s lawyer to represent Peter Moyo in battle with Old Mutual

Tom Moyane’s lawyer to represent Peter Moyo in battle with Old Mutual

Bruce Whitfield interviews Eric Mabuza who will represent the dismissed Old Mutual CEO in a court challenge against his firing.

'We don’t need more plans! We have plans coming out of every orifice!'

'We don’t need more plans! We have plans coming out of every orifice!'

Bruce Whitfield interviews political analyst Lukhona Mnguni, Bonang Mohale (BLSA) and Dr Adrian Saville (Cannon Asset Managers).

How long to keep tax records available for inspection in South Africa

How long to keep tax records available for inspection in South Africa

Should you keep them "forever"? Tax expert Chris Sloane on the requirement to keep tax records available for inspection by Sars.

The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

The fascinating story of WeBuyCars (and why Naspers is pumping billions into it)

The Money Show’s Bruce Whitfield interviews WeBuyCars founder Faan van der Walt for his weekly "ShapeShifter" feature.

Popular articles
[LISTEN] Jacques Pauw and NB Publishers issued with summons for R35m

[LISTEN] Jacques Pauw and NB Publishers issued with summons for R35m

Former State Security Agency director general Arthur Fraser says he has suffered repuational damage because of Pauw's book.

Man thanks right-to-die activist Sean Davison for helping cousin take own life

Man thanks right-to-die activist Sean Davison for helping cousin take own life

On Wednesday the Dignity SA founder was sentenced to three years house arrest after entering a plea and sentencing agreement.

Smooth operator - How to avoid getting caught out by telesales agents

Smooth operator - How to avoid getting caught out by telesales agents

Consumer journalist Wendy Knowler shares her advice on how best to deal with the calls.

[VIDEO] DA's Van Damme accuses family of racism, V&A Waterfront apologises

[VIDEO] DA's Van Damme accuses family of racism, V&A Waterfront apologises

The Democratic Alliance MP claims she was subjected to a racist tirade at Cape Town's V&A Waterfront and wants action taken.

Court orders Gupta-linked Trillian to pay back R600 million to Eskom

Court orders Gupta-linked Trillian to pay back R600 million to Eskom

It also ordered the company to pay for all the costs of the application. Bruce Whitfield interviews EWN’s Clement Manyathela.

Fight continues for family of 11 evicted from Paarl wine farm

Fight continues for family of 11 evicted from Paarl wine farm

On May 7, the Land Claims Court heard an application to have the eviction of Nomabongo Sweetness May and her family rescinded.

Investigation underway into cause of Cape Town hotel fire

Investigation underway into cause of Cape Town hotel fire

Staff and guests at Durbanville's Ruslamere hotel were evacuated while firefighters battled the blaze on Tuesday morning.

BP could be fined millions for illegally building 17 petrol stations

BP could be fined millions for illegally building 17 petrol stations

The case against international petroleum giant was brought by environmental group Uzani Environmental Advocacy.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).