Expropriation Bill will result in catastrophe
[{“type”:”text”,”content”:”The Portfolio Committee on Public Works and Infrastructure recently adopted a report (including minority and majority views) on the Expropriation Bill that will now proceed, along with the Bill, to the National Assembly for further deliberations. The Bill in its current form will have negative consequences for the economy should it proceed to be promulgated by the president.nnWhat is especially concerning about the Bill is its negative impact on our shared national commitment to build a more inclusive agricultural sector. If the parliament passes this Bill in its current form, its weakening of the protections afforded to private property could see an exodus of capital from the agricultural sector and the broader economy, with a resulting loss of jobs and investments. It will adversely affect established, emerging and new-entrant farmers alike and undermine our efforts to build an inclusive and prosperous rural economy.nnSome of the definitions contained in the Bill are problematic. One example is the narrow definition of expropriation, which may have unintended consequences if applied to land reform or other processes. This definitional problem will add to the policy uncertainty that threatens the sector and the broader economy.nnThe Billu2019s provision for nil compensation will result in a future of policy uncertainty for the agricultural sector. South African farmers already operate under difficult conditions. Hence, the ongoing assault on any constitutional principle that protects property rights against any arbitrary action by the government or a court fuels a climate of uncertainty that deters investment, job creation and inclusivity in the sector.”,”position”:0,”id”:”RT7WlNz9CTFVPzBj”}]