Rand takes a nosedive as Zuma stays in office

Yolanda Curtis
January 12, 2018

Since Zuma isn't much loved by investors, the rand shot up on speculation a new government led by the leader of the ruling African National Congress, Cyril Ramaphosa, was on the way in.

The South African delegation will comprise ministers and business leaders, with Finance Minister Malusi Gigaba as the lead minister and coordinator.

President Jacob Zuma will, on Thursday, 11 January 2018, hold talks with President Uhuru Kenyatta of the Republic of Kenya at Dr John Dube residence in Durban.

He said the announcement of the commission of inquiry "does not let Jacob Zuma off the hook" and that the DA would closely watch developments around the commission over the next 180 days.

"Contestation is now over and the victor was the African National Congress‚" Ramaphosa declared, adding that the party should now rid itself of factionalism and forge unity in KwaZulu-Natal Province, which is also President Jacob Zuma's home region.

Zuma may have warded off an ouster bid by agreeing to the establishment of a commission headed by a judge nominated by Chief Justice Mogoeng Mogoeng to investigate the claims that the Guptas had wielded undue control over the state.

The political turmoil over the numerous corruption allegations has hurt South Africa's economy, which briefly dipped into recession past year.

Zuma's sacking previous year of Finance Minister Pravin Gordhan triggered downgrades of South Africa's credit rating to junk status, significantly raising borrowing costs for Africa's most industrialised economy. Despite hype in the media beforehand, Zuma's future appears not.

"Ramaphosa has to chart a very careful course so he can win broad ANC support and negotiate a dignified exit for Zuma", independent political analyst Daniel Silke said. This is despite previous reports that his ousting was on the agenda by ANC officials who want him out.

The new ANC leader will deliver the statement in East London on Saturday, as part of the ANC's 106th birthday celebrations.

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