Senior officials in South Africa's ruling African National Congress (ANC) were gathering on Friday to decide whether President Cyril Ramaphosa should stay on after an inquiry found evidence of misconduct over cash hidden at his farm.
by a panel of experts investigating the alleged theft of millions of dollars of cash stuffed into furniture in the multi-millionaire leader's Phala Phala game farm in 2020.
Ramaphosa put a pledge to fight endemic graft at the heart of his successful drive to oust predecessor Jacob Zuma in 2018. The scandal has damaged South Africa's image as a relatively stable investment destination and gateway to the continent. The country was only just recovering from several corruption scandals linked to Zuma, which authorities are now investigating. Zuma denies wrongdoing.ANC Chairman Gwede Mantashe, in an interview with local television station Newzroom Afrika on Friday, denied that Ramaphosa was considering resigning.
South African financial markets stabilised on Friday, after Thursday's panic-selling on speculation in local media that Ramaphosa wasTwo ministers in Ramaphosa's cabinet, Nkosazana Dlamini-Zuma, former president Jacob Zuma's ex-wife who narrowly lost the ANC's 2017 leadership contest to Ramaphosa, and Tourism Minister Lindiwe Sisulu, who has campaigned to be elected ANC leader this month, have called on the president to step down.
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