The scandal engulfing Cyril Ramaphosa is threatening to take down more than just the president.
Cyril Ramaphosa is threatening to take down more than just the president. Hanging in the balance are the fate of the ANC and his government’s reform agenda that was to have kick-started a stagnating economy.
That risk has been recognised by investors: the rand was the worst performer in a basket of 25 developing-nation currencies on Thursday, while South Africa’s 10-year sovereign yield jumped the most since May 2021. Ramaphosa came to power after the ANC forced Jacob Zuma to step down following an almost nine-year tenure during which the government estimates more than R500-billion was stolen from state coffers. He campaigned on an anti-corruption ticket, and his success as a businessman who had made billions of rand raised hopes he would put in place sound economic policies.
The ANC’s national executive committee is due to meet on Thursday night, which will give Ramaphosa’s detractors an opportunity to call for his resignation. Parliament is due to sit on 6 December to decide whether to adopt the advisory panel’s report, and if they do, a panel of legislators will be set up to conduct another inquiry.
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