New ANC leadership disappoints as Zuma stays put
The rand weakened after the ANC said Zuma’s future was not on the agenda of its one-day leadership meeting
The new leadership of the ANC did not discuss President Jacob Zuma’s future on Wednesday, an official said, disappointing investors who had hoped the governing party would seek to remove him from power. Zuma’s replacement as party leader by his deputy, Cyril Ramaphosa, in December prompted widespread expectation of an early end to his time in office, which has been marred by persistent graft allegations. On Wednesday, the rand weakened as much as 1.7% to the dollar after the ANC said Zuma’s future was not on the agenda of its one-day leadership meeting. It later recouped some losses to close at R12.44. Since Ramaphosa’s narrow party election win in December, the rand has gained 8% against the dollar, driven by hopes Ramaphosa would persuade Zuma to step down. ANC secretary-general Ace Magashule said the special national executive committee meeting had only one item on the agenda: the 106th anniversary statement by Ramaphosa in East London on Saturday. But Zuma’s days as president ar...
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