South Africa to Expropriate Land from Whites and Nationalize Its Reserve Bank

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South Africa: The African National Congress, which is the ruling Communist Party of South Africa, announced its intention to expropriate land from white settlers without compensation.  It also declared that the nation’s ​privately-held Reserve Bank must be wholly owned by the state.  ​These announcements sent the rand, also known as the ZAR, plummeting on the currency exchange.​ -GEG

JOHANNESBURG (Reuters) – South Africa’s ruling African National Congress has adopted a resolution calling for the nationalization of the central bank and land expropriation without compensation, a senior party official said on Wednesday.

Any mention of nationalization in South Africa is enough to spook investors, since left-wing elements of the ANC have also called for mines and banks to be state-owned.

Similarly, land is an emotive issue two decades after the end of apartheid, and the ANC has been under pressure to redress racial disparities in land ownership.

Unlike most central banks in the world, the South African Reserve Bank has been privately owned since it was established in 1921. But its shareholders have no control over monetary policy, financial stability policy or banking regulation.

Following a meeting of party delegates, the head of the ANC’s economic transformation committee, Enoch Godongwana, told reporters changing the ownership of the South African Reserve Bank would not affect its independence.

He said the party had also agreed to initiate amendments to the constitution to achieve land expropriation without compensation, but gave no timeline. He said there would be no illegal occupation of land.

Following the proposal made in July by the ANC at a policy conference to nationalize the bank’s shareholding, South Africa’s Reserve Bank said that changing its shareholding would not affect its mandate, because that mandate is derived from the constitution.

Godongwana said no timeline had been laid down for the plan to acquire the central bank’s shares or for any directives to parliament to change the country’s laws to effect the change.

“No change in the constitution, no change in the Reserve Bank Act,” he said. “We’ve also said it’s not likely to have an impact at all because shareholders in the Reserve Bank do not affect monetary policy in any way.”

Godongwana said the changes would come after “more work” was done to prepare for the bank’s nationalization.

In July, when the party said it would like the central bank to be wholly state-owned, investors were initially worried and knocked the rand.

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Tom Ball
Tom Ball
2 years ago

With regard to the article about South Africa nationalizing it’s banking system, I am interested to what that means to the Global Cartel that Mr Griffin speaks of. It seems to me that the globalist financiers would DISAPPROVE. What am I missing here? I’m aware that the abolition of apartheid has proved a bane to the white population of South Africa. So am I to assume that the banking institutions there have been in their hands and are to now be transferred to black control? Or has the IMF or World Bank not been a part of this system all… Read more »