Businessperson Patrice Motsepe’s plan for a multibillion fund for black farmers is a step in the right direction. It simply means in the long term the private sector will not be risk averse but, instead, have an increased appetite for small farmers – particularly land reform beneficiaries and communal land. The fund will give more impetus to the R3.9 billion President Cyril Ramaphosa promised during his State of the Nation address in June.
The fund will give more impetus to the R3.9 billion President Cyril Ramaphosa promised during his State of the Nation address in June.The biggest challenge facing land reform is underused agricultural land. The presidential advisory panel on land reform and agriculture found government has delivered only 8.4 million hectares between 1994 and March 2018. Then minister of rural development and land reform, Gugile Nkwinti, bemoaned the fact that only 10% of redistributed land is productive.
In return, government will have to level the playing fields and create a conducive environment for that coexistence and convergence. More importantly, it must pay urgent attention to the security of tenure by giving land reform beneficiaries bankable title deeds or long-term lease agreements. It is precisely the insecurity of tenure that makes agricultural finance institutions drag their feet in supporting land reform. The reality is the private sector expect returns on investment.
The panel proposes that Land Bank be given the responsibility to manage the fund and issuing of Land Reform Bonds.
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