The ANC will amend the Constitution in order to make it "explicitly clear" that land can be expropriated without compensation, but it is not targeting the entire property clause. President Cyril Ramaphosa’s late-night announcement on Tuesday on the ANC decision weakened the rand and dented investor sentiment at a time when the government is on a drive to attract investment in the economy locally and abroad. The ANC decision was a decidedly political one that sought to neutralise the EFF and also Ramaphosa’s opponents within the ANC, who have questioned his commitment to radical economic transformation. The decision was communicated by the president on Tuesday night and further explained by national executive committee members at a media briefing in Johannesburg on Wednesday. The rand reacted sharply to Ramaphosa’s announcement, falling about 18c to the dollar to R13.28. After extending losses overnight, it recovered somewhat on Wednesday and by the evening it was at R13.20/$.
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