Elton Mangoma
Herald Reporter
Renewal Democrats of Zimbabwe leader Mr Elton Mangoma yesterday urged Government to float land compensation bonds redeemable over a long period to bring closure to the land question to improve productivity.
Addressing journalists in the capital, Mr Mangoma conceded that the land reform programme embarked on by the Government at the turn of the millennium was irreversible.
“The issuance of land compensation bonds closes the chapter on the acquisition of farms and will result in a properly quantified compensation amount,” said Mr Mangoma, who was the Energy and Power Development Minister in the inclusive Government.
He said critics of the proposal might say it would exacerbate Government debt yet the obligation to pay white farmers was consistent with the Constitution meaning there was nothing new with the debt.
“One might say you are creating a debt but the obligation to compensate is already there.
“The debt already exists and what remains is to quantify it.
“Whatever amount is raised from development partners and other donors for resolving the land question, will be used to redeem the land compensation bonds.
“This will greatly reduce the tenure of these bonds,” said Mr Mangoma.
He said the bonds would be marketable and transferable within Zimbabwe.
“They can also be used to buy agricultural land by meeting the settlers’ mortgage bond portion and all payments due to Government on transfer.
“The bonds can also be used to pay for certain obligations to Government,” he said.
Mr Mangoma proposed that A2 farmers should mortgage bonds registered over tittle deeds of their farms.
“The settlers’ mortgage bond on a farm will be for say 60 percent and maximum 70 percent of the farm compensation,” he said.
Such bonds, he said, would mitigate against undue enrichment, bring some form of equality among citizens and make settlers value their land.