“Populist statements being made by politicians as they jockey for position ahead of the 2019 national election, are driving levels of business confidence right down, to a point where only 30% of the business’ are feeling confident about the economy”, says Annabel Bishop who is the Chief Economist at Investec.
Around February 2018, the National Assembly voted on a majority to adopt a motion for a review of the Constitution that could make it possible that land could be appropriated without compensation. It was upon this motion that a joint Constitutional Review Committee was set up. Its purpose would be to hold Public Hearings that would debate amending Section 25 of the Constitution and other clauses. If necessary, this would make it possible for the State to expropriate land in the public interest without compensation. On top of this, Parliament is busy strengthening the legislation around the Extension of Security of Tenure Act (ESTA). All of these, are reverberating across South Africa.