Zimbabwean white former farmers have rejected the Government’s new compensation proposal of paying in government securities over a 10–year period.
When the agreement was signed in 2020, the government initially wanted to offer payment terms of 20 years but has since decided to expedite the process.
A source privy to the information told Business Times that the former farm owners want urgent cash payment as most of them are now in their 80s. Said the source:
Ex-farmers have rejected the Treasury Bonds as they need cash payments with much shorter periods which allow them time to plan with their money due to their age profiles which are between the 80s and 90s.
For that reason, they are not taking any deal which does not include cash in the shortest possible time.
In February this year, Finance and Economic Development Minister Mthuli Ncube, said the compensation will be financed through a Treasury bond, which will have prescribed-asset status and not be liable to any form of taxation as a way to entice investors.
He said farmers will hold a referendum on the matter soon and the bond will be issued once outstanding details are finalised.
Finance and Economic Development deputy minister Clemence Chiduwa told Business Times that engagements between the parties are continuing. He said:
At the moment, I am not aware of this position but what I know is that there were some engagements this week and an agreed position will be reached soon as both parties continue to engage to find common ground for compensation to take place.
Business Times said they could not get a comment from Commercial Farmers Union president Andrew Pascoe as his mobile number went unanswered.
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