ANC groping in the dark over land
It seems as if the ANC has lost the figurative and literal plot. Stoked on by pressure from the EFF and populist rantings, the ANC has decided to pursue a policy of expropriation of land without compensation.
The Land Bank, a well-run state-owned entity, has come out strongly condemning this move, arguing that it could lead to its bankruptcy as its market share of all commercial farmer loans is around 30%.
Other banks will be in a similar position to the Land Bank. A collapse of the financial sector of our country could be trigged by this move as farm loans become written off and bad debts grow exponentially.
This move will push away many potential investors especially in the agricultural sector. This, while the ANC drives the Protection of Investment Act, which will also scare off potential investors as it does not provide adequate protection for foreign investors.
The ANC seems divided, with the faction against state capture pitted against those that have benefited and do not want to be exposed or lose out from it. The ANC is also constantly having to out-popularise the EFF on a number of issues which have left them a hollow fragmentation of a once iconic liberation struggle.
The elections next year will offer citizens a chance to vote for a party that has South Africa's long-term growth and wellbeing as its priority, not short-term gains.
Protea Glen, Soweto
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