Many White Zimbabwean farmers who lost their land during the country’s controversial land reform program over 20 years ago have rejected an offer of dollar bonds from the government as compensation. The 10-year bonds, valued at $308 million, were deemed “unacceptable” by Deon Theron, who represents some of the farmers seeking restitution for the 4,500 land seizures under former President Robert Mugabe. Theron claims that the compensation negotiations only involved a handful of farmers. He implied that these farmers did not speak for the majority of affected landowners. Zimbabwe, in default since 1999, has been frozen out of the international lending market. Harare is trying to settle with the farmers as part of a broader plan to restructure its debt and regain access to creditors. However, Theron’s claim that the deal was made without proper consultation or mandate risks scuttling its plans.
Bloomberg
