ABSA aware of need to resolve issue of land reform

Maria Ramos (File: Gallo Images)
Maria Ramos (File: Gallo Images)

Barclays Africa CEO Maria Ramos said this week that the bank was aware of the need to deal with land reform in the country and to find a resolution.

“There is no doubt that dealing with sustainable land reform is fundamental to our country. That is why this issue was dealt with as part of the Constitution,” she said on Thursday.

“I think there is an ongoing debate about this. We are conscious and deeply aware of the resolution that has been taken by the African National Congress and the resolution that was taken at the parliamentary debate.

“The fact that the matter is being referred to the parliamentary constitutional review committee is going to be debated and there is going to be work done there.”

This week parliament adopted a motion, initially proposed by the Economic Freedom Fighters, for a committee to review Section 25 of the Constitution, which deals with property and land expropriation.

The motion was adopted with a vote of 241 in support, and 83 against.

The matter will now be referred to the Constitutional Review Committee, which must report back to Parliament by August 30.

She said it is fundamentally important for SA to find a resolution. “We [Barclays Africa Group] will also be supportive for expropriation of land, it has been part of the Constitution. I think the time has come to do this as a country.”

* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

ZAR/USD
16.31
(-1.23)
ZAR/GBP
21.09
(-0.61)
ZAR/EUR
19.33
(-0.99)
ZAR/AUD
11.90
(-0.72)
ZAR/JPY
0.16
(-1.15)
Gold
1949.88
(+0.16)
Silver
26.78
(-0.87)
Platinum
929.00
(-0.32)
Brent Crude
43.78
(+2.41)
Palladium
2358.07
(+1.96)
All Share
54673.65
(-0.66)
Top 40
50399.16
(-0.59)
Financial 15
9841.32
(-2.14)
Industrial 25
72558.00
(-1.08)
Resource 10
55438.10
(+0.58)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1291 votes
It depends on how the funds are used.
73% - 8603 votes
No. We should have gotten the loan elsewhere.
16% - 1893 votes
Vote