Ramaphosa

Oroande utveckling i Sydafrika problem för frihandeln

Samtidigt som Sydafrikas president Cyril Ramaphosa gläds åt Afrikas nya frihandelsavtal som inkluderar i stort sett alla afrikanska länder, planerar ANC-regeringen att genomdriva en lag som medger konfiskering av egendom utan kompensation. Det riskerar at...

Oroande utveckling i Sydafrika problem för frihandeln

Samtidigt som Sydafrikas president Cyril Ramaphosa gläds åt Afrikas nya frihandelsavtal som inkluderar i stort sett alla afrikanska länder, planerar ANC-regeringen att genomdriva en lag som medger konfiskering av egendom utan kompensation. Det riskerar att omintetgöra de goda effekterna av frihandeln. Sydafrika kommer förstås drabbas hårdast, men också Afrikas ekonomi som helhet. Sydafrika är en viktig motor för kontinentens ekonomiska utveckling.

Alexander Hamilton skriver för Foundation för Economic Education:

”As Africa’s second-biggest economy and most industrialized economy, South Africa would clearly have much to gain from the new trade area.

However, the ANC’s (African National Congress) eagerness to pursue a policy of land expropriation threatens to undermine the benefits of a continent-wide free trade area.

Just one week after Ramaphosa’s most recent push for the free trade area, the president’s ad hoc committee, the group tasked with drafting the Section 25 amendment, met for the first time since May’s election.

The committee’s chairperson, Dr. Mathole Motshekga, an ANC politician, announced that the draft legislation for the amendment will likely be produced by the end of June next year—a date coincidentally close to the day that the free trade area will take effect (July 1, 2020).

Last year, Professor Ilse Botha from the University of Johannesburg and Roelof Botha, an economist at the University of Pretoria, produced an economic impact assessment that investigated the damage the Section 25 amendment would likely render.

In short, the pair warned of an “imminent socioeconomic disaster for South Africa in the event of expropriation without compensation.”

The researchers forecast a nightmare combination of “a downgrade of the country’s sovereign bonds to junk status, higher interest rates, a fairly sharp decline in taxation revenues and a deep recession.”

In short, the pair warned of an “imminent socioeconomic disaster for South Africa in the event of expropriation without compensation.”

Investors would simply be unwilling to invest in a South Africa where their capital might not be protected.

For a nation to benefit from free trade, it must first have something to produce, and without strong property rights ensuring the fruits of one’s labor are protected, the incentive for people and businesses to invest, produce, and create no longer exists.”

 

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