ANC plans to nationalise reserve bank, expropriate land

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

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

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