Zimbabwean President Emmerson Mnangagwa has launched a new policy that will allow beneficiaries of land taken from white people under controversial land reforms to sell it and to be able to borrow from banks using it as collateral.
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But the new Black farmers weren't allowed to sell or transfer ownership of the land, which was deemed to belong to the state. As a result, banks were reluctant to advance loans to the resettled farmers, who couldn't use their land as collateral. Speaking at an event held at his farm near Kwekwe city in central Zimbabwe, Mnangagwa said the policy would help “unlock the value” of the land and make it “bankable and transferable.”
The land seizures badly impacted commercial farming, forcing a country that was a key regional food producer and exporter to rely on assistance from donors. Zimbabwe’s agriculture sector has rebounded in recent years, but droughts are now the main challenge.
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