Rand weakens as Zuma stays in office

  • Rand weakens as Zuma stays in office

Rand weakens as Zuma stays in office

South Africa's president said Tuesday he is appointing a commission of inquiry to look into corruption allegations that have led to calls for his ouster and weakened the ruling party, declaring "this matter can not wait any longer".

Zuma's removal also had "no expressed authority" according to the ANC constitution, the letter said, adding that the NEC was not and had never been "an appointing authority on any person to the office of the president of the Republic of South Africa, irrespective of the fact that Zuma was its preferred candidate for that position before and after [the 2014] general elections".

President Jacob Zuma's cheerleader‚ the ANC Youth League‚ has vowed to oppose any attempts to have him recalled at Wednesday's special national executive committee (NEC) meeting in East London.

Chief Justice Mogoeng has chosen his deputy, Ray Zondo, to head the inquiry, Mr Zuma said.

Ramaphosa, 65, must strike a delicate balance between assuaging the concerns of Zuma supporters and meeting the desire of his own backers for the president's quick removal. "His hand has been forced", said Mmusi Maimane, the leader of the main opposition Democratic Alliance, reported ABC News.

The rand has swung between R12.2275 and the upper R12.50s for the first two weeks of the year, pushed and pulled by mostly rumour-fuelled bets of a Zuma resignation before his term ends next year.

Mr Zuma has been accused of conspiring with a wealthy business family, the Guptas, to control lucrative state contracts.

Cape Town - President Jacob Zuma is set to hold talks with Kenyan President Uhuru Kenyatta on Thursday at Dr John Dube residence in Durban, the presidency has said in a statement.

Transform RSA was demanding "an unequivocal and unconditional undertaking" by the party and its NEC, allies and partners that there would be no intention to discuss or decide on removing Zuma from office.