ANC Resolves To Expropriate Land and Nationalize The Reserve Bank

“It was tough, rowdy and it nearly collapsed the conference … there is no doubt about that.”




The African National Congress’ 54th congress has resolved that the NEC will initiate a process to amend Section 25 of the Constitution to acheive expropriation of land without compensation. A decision was also taken to nationalize the Reserve Bank in order to achieve equitable share of the wealth of the country.

The announcement was made the sectoral commission on Economic Transformation’s chair Enoch Godongwana.

Godongwana assured everyone that the expropriation will be done such that it does not have ripple effects on other sectors of the economy.

“It was tough, rowdy and it nearly collapsed the conference … there is no doubt about that,” said Godongwana.

A resolution was also passed which tasks government to initiate a process to ensure that the Reserve Bank gets nationalized so that it is fully owned by the state. This comes after concerns were raised about the bank’s private ownership.

The ANC’s newly elected President, Cyril Ramaphosa assured the conference that the resolutions will be implemented during the new administration that comes after 2019 elections. Ramaphosa was delivering his closing speech. He also thanked President Zuma for his longest service in the ANC.




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