Rand falls on news ANC wants constitutional amendment on land expropriation

Jul 31 2018 23:06

The rand abruptly lost 16c to the dollar in late trade on Tuesday, after ANC President Cyril Ramaphosa announced his party wanted to amend the constitution to clarify the conditions under which expropriation of land without compensation would take place.

Ramaphosa, speaking in his capacity as the head of the ruling party, was giving an economic update at the conclusion of a two-day ANC lekgotla on Tuesday evening. 

"The ANC will, through the parliamentary process, finalise a proposed amendment to the constitution that outlines more clearly the conditions under which expropriation of land without compensation can be effected," said Ramaphosa, who was elected ANC leader in December. 

He said the aim of the amendment was to promote redress, advance economic development and boost food security. 

"It will also transform the unjust spatial realities in urban areas."

The local currency was trading at R13.10 before Ramaphosa spoke, and had weakened to R13.26 at 22:53.

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