Wednesday, 21 November, 2018

South Africa's ANC deciding whether to remove Zuma as President

Reuters Reuters
| 24 January, 2018, 08:47

Zuma's hold over the ANC was shaken when his chosen successor - his former wife Nkosazana Dlamini-Zuma - lost out to Ramaphosa in the closely-fought race to be party leader.

According to a report by Reuters, the currency is expected to trade in the range of R12.00 to R12.25 on Wednesday, after it eased off its highs against the dollar during European trade on Monday.

Ramaphosa, 65, on Sunday left South Africa to attend the World Economic Forum in Davos.

Zuma has been under growing pressure to resign since he was replaced as head of the African National Congress (ANC) in December by his deputy Cyril Ramaphosa.

Finance Minister Malusi Gigaba's comments come amid speculation that Jacob Zuma could be shown the door soon.

His office and the Ministry of Public Enterprises announced sweeping changes to the board and management of struggling state-power utility Eskom Holdings.

"It is as if Cyril is confirming that he has taken over the reins", said Susan Booysen, a political science professor at the University of Witwatersrand's School of Governance. There are interactions between comrade Ramaphosa and President Zuma about managing the interaction between Luthuli House and the Union Buildings.

Any sign that Zuma could step down before his second presidential term ends in 2019 has tended to lift South African assets, including the rand currency.

At 0629 GMT, the rand traded at 12.0950 per dollar, 0.35 percent lower than its NY close on Monday.

Though Mr Magashule denied that there was any "timeline" for Mr Zuma to step down or be recalled by the party, some observers say the president's early departure from office now looks inevitable.

"The financial markets have reacted very positively to these and related developments in the ANC, as have numerous disaffected voices who a year ago were clamouring for change in the ruling party", said NKC African Economics analyst Gary van Staden.


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