Leading think tank leaders and economic analysts gathered in Johannesburg recently to discuss the threats facing property rights in South Africa. The threat of Expropriation without compensation was the catalyst to host this conference. Ineng’s Unathi Kwaza was in attendance at the event.
The SABC covered the event and reported that experts from around the world have warned against South Africa’s proposed expropriation of land without compensation.
The experts addedthat the policy could lead to the country’s self-destruction.
The conference on Security of Property Rights in South Africa was hosted by the Free Market Foundation has heard that South Africa would go the Zimbabwe route should it go ahead to implement the expropriation of land without compensation.
The two-day conference has drawn experts from Venezuela, India and African states.
At the conference, FMF Director, Temba Nolutshungu stated that: “What we are contemplating right now in terms of expropriation without compensation is disastrous.It is going to result in socio-economic hardships.”
Nolutshungu says South Africa does not have to look far to see examples of where such policies have led to unfavourable conditions for the masses, citing Zimbabwe as an example. “One doesn’t even think very hard regarding this, one has to look at empirical evidence in Zimbabwe.”
He was speaking at a conference organised by his foundation with the theme : Security of Property Rights.
The economic situations of Zimbabwe and Venezuela took centre stage at the gathering, with Zimbabwean activist, Rejoice Ngwenya asking a probing question to South Africans calling for land restitution “Are we prepared to open another chapter of land confrontation?”
He says the resulting poverty in Zimbabwe will befall South Africa if it continues down the route of expropriation without compensation.
“Changes to section 25 of the South African constitution will result in a disaster. Expropriation without compensation like Mugabe’s land invasions, is just a blatant violation of property rights, it is a recipe for poverty and negative global attention.”
The Free Market Foundation is calling for the security of property rights and is challenging government to give the poor property rights to their houses.