The rand was weaker on Tuesday afternoon, amid growing scepticism that Cyril Ramaphosa’s election as ANC president might be an immediate panacea for SA’s economic ills.Despite some recent progress in combating corruption, as well as the appointment of commission of inquiry into state capture, anti-Ramaphosa forces within the ANC remain strong. There is also little indication that President Jacob Zuma will soon vacate the Union Buildings of his own volition.ANC secretary-general Ace Magashule and his deputy Jesse Duarte were adamant on Monday that no decision had been taken on Zuma’s exit. However, earlier reports indicated that the national executive committee (NEC) was set to embark on such a course of action.The margin of Ramaphosa’s election to the ANC leadership was extremely narrow, Franklin Templeton analysts said. "It remains an open question whether Ramaphosa will be able to build enough support over the coming months to force Zuma to step down early."At 3pm, the rand was at...
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