Economy / 31 January 2018, 12:00pm / Zeenat Vallie
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.