Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

South Africa's Zuma seeks clarity on land expropriation bill

Published 26/07/2016, 10:44
© Reuters. President Jacob Zuma answers questions at Parliament in Cape Town

CAPE TOWN (Reuters) - South African President Jacob Zuma has asked parliament to explain the process it followed in passing a bill allowing state expropriations of land to redress racial disparities in land ownership.

Land is an emotive issue in Africa's most industrialised country more than two decades after the end of apartheid, with most of the land still in white hands.

Zuma said he needed to clarify how the bill was passed, before deciding whether to sign it into law or refer it back to the legislature, the presidency said in a statement on Tuesday.

"President Zuma received petitions against the signing of the Bill into law from individuals and various organisations," the presidency said.

In the pipeline since 2008, the bill has been criticized by opposition parties, with some saying it was unconstitutional.

The ruling African National Congress said the bill would tackle injustices imposed during white-minority rule.

The official opposition party, Democratic Alliance, has asked Zuma not to assent to the bill, raising, among other issues, that it does not provide adequate compensation guarantees and that it was open to abuse.

However, experts say the bill will not signal the kind of often violent land grabs that took place in neighbouring Zimbabwe, where white-owned farms were seized by the government for redistribution to landless blacks.

© Reuters. President Jacob Zuma answers questions at Parliament in Cape Town

Regulatory uncertainty in the country has worried investors in the key mining and other sectors, amid warnings the country's credit ratings could be downgraded to "junk" status as the economy teeters on the brink of recession.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.