Zimbabwe’s government has unveiled a plan to compensate white farmers who lost land and property during the controversial farm seizures initiated over 20 years ago.
Finance Minister Mthuli Ncube revealed that 441 local white farmers will receive $351.6 million, while 94 foreign farmers will get $196.6 million. Only 1% of the local compensation will be paid in cash, with the remainder issued as treasury bonds.
Foreign claimants will share an initial $20 million equally. The compensation for local farmers covers infrastructure, not land, while foreigners will be compensated for both under international investment protection agreements.
The payments are expected in late 2024. This move aims to address a major obstacle in Zimbabwe’s efforts to restructure its $21 billion debt. The land reform program, launched in 2000 by then-President Robert Mugabe, was intended to redress colonial-era land inequities but led to violence and economic disruption.
Current President Emmerson Mnangagwa has sought to engage white farmers since taking power in 2017.
In a recent policy shift, the government will allow beneficiaries of the land reform to sell their land, but only to Black Zimbabweans, a decision that has sparked criticism due to concerns about potential profiteering by politically connected individuals who acquired multiple farms.