ANC Treasury General, Paul Mashatile and BR editor Adri Senekal De Wet

CAPE TOWN - Addressing a panel at one of the most notable financial summit's of the year, the Raging Bull Summit; ANC Treasurer General, Paul Mashatile assured attendees and the media that there will be no land grabs in land expropriation. 

The Raging Bulls Investment Summit is hosted by Personal Finance and Business Report.

The African National Congress’s (ANC) announced last month that it would amend the Constitution to expropriate land without paying for it

According to article 25 of the Constitution, land may be expropriated on the condition that it is "paid for and equitable". 

However, it has been outlined at the 54th National Elective Conference of the ANC that there is land hunger. 

Added to this situation is that South Africa is in need of a drastic economic recovery. 

This was emphasised by Mashatile today. 

"We have to get our economy right, attract investment, create jobs for our people, reduce poverty and inequality”, said Mashatile. 

He acknowledged that the government alone cannot achieve this. There has to be partnership between all sectors, private as well as civil society. 

More importantly, land expropriation has been identified as one of the key ways in which the economy can be recovered. 

"There is a lot of land in Africa that has different ownership. What will be the overall drive is growing the economy", said Matashile.

READ ALSO: #ANC needs support to amend Constitution to force land reform

However, he assured the audience that land will be made available to those who use it economically.  

"You don't want to make land available to people who are not going to use it for production. We are looking at farmers for food mechanisms", said Matashile. 

"Land expropriation will have a lot of guidelines to avoid a situation like Zimbabwe. It will be something the state will handle properly". 

Matashile added that food security will be the key focus of land expropriation to ensure productivity and the growth of the economy. 

He also said that there is hope that the new ANC leadership will strive toward achieving growth in SA which will first and foremost tackle corruption in governmental entities. 

"Where there is a problem, we are going to fix it. Gone are the days where ministers employ their friends to boards”. 

"The future is bright in South Africa, so let's grab it", Matashile said. 

ALSO READ: ANC land policy 'empty and ignorant' - expert

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- BUSINESS REPORT ONLINE