Farm land in Zimbabwe. Zimbabwe wants to settle with white farmers as part a push to restructure its debts and restore access to creditors. (Jupiterimages/Getty)
A majority of white Zimbabweans who lost their farms during a land grab more than 20 years ago have rejected an offer of dollar bonds as part of a government pay off.
The 10-year bonds worth $308 million (R7 billion) were “unacceptable,” according to Deon Theron. He represents one of three groups seeking compensation for land seizures under former President Robert Mugabe in which 4 500 white farmers lost their land.
“The government says they have a deal when its only with 15% to 17% of farmers,” Theron, who spoke on behalf of all three groups, said on Thursday. “We are correcting the impression created that they have compensated farmers, when it’s just with a few individuals.”
Zimbabwe wants to settle with the farmers as part a push to restructure its debts and restore access to creditors. The southern African nation has been in default since 1999 and owes more than $21 billion to lenders including the World Bank, the Paris Club and the African Development Bank.
The offer is the latest by the government, which has previously revised terms of a $3.5 billion deal agreed in 2020. The farmers who negotiated the current deal did so “with no mandate,” Theron said.
Finance Minister Mthuli Ncube announced April 9 that a small cash payment was made to 378 farmers who also received bonds. A total of 740 farmers will be compensated under that payout. The Finance Ministry didn’t immediately respond to a request for comment.
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