Talk is cheap, they say. But in South Africa's case - in a literal sense - talk of a new land reform policy could be costly. It is still early days, but negative sentiment is already reflected in the latest Agricultural Business Chamber-Industrial Development Corporation agribusiness confidence index, in which respondents have indicated reluctance about further investment due to uncertainty over land reform. It is clear that investors see through the political tactics and euphoria that followed Cyril Ramaphosa's ascension to the presidency in February. Despite his assurances of a fair process, economists and market pundits this week continued to flag the land policy's possible impact on property rights and the Mining Charter - albeit still in draft format - as significant risks to the economy. These trump fears about global political and trade tensions and tighter liquidity conditions. Agriculture's share of GDP has shrunk over time. In the first quarter of 2018, its nominal share o...
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