JOHANNESBURG (Reuters) – Cyril Ramaphosa’s future as South African president was in question on Thursday, a day after a panel report found preliminary evidence he may have committed serious misconduct. The president has denied any wrongdoing.
Following are reactions from politicians and market analysts:
NALEDI PANDOR, SOUTH AFRICA FOREIGN MINISTER
“I think it’s a very troubling moment for our government as well as for the governing party.”
“We need to look at the report, study its implications very carefully, follow the parliamentary processes and allow matters to take their course.”
NKOSAZANA DLAMINI-ZUMA, EX-WIFE OF FORMER PRESIDENT JACOB ZUMA
“I think the president has to step aside now and answer to the case.”
LINDIWE SISULU, TOURISM MINISTER
“CR MUST RESIGN NOW!”
JOHN STEENHUISEN, LEADER OF MAIN OPPOSITION PARTY, THE LIBERAL DEMOCRATIC ALLIANCE (DA)
“The report is clear and unambiguous. President Ramaphosa most likely did breach a number of constitutional provisions and has a case to answer.”
“The Democratic Alliance calls for a national election.”
WARREN VENKETAS, ANALYST AT FOREX TRADING FIRM IG
“Fear of who will take over should the president resign is gripping markets and will continue to do so until such time as markets gather more data to form a clearer picture.”
STUART COLE, HEAD MACROECONOMIST AT EQUITI CAPITAL
“It is yet more political instability in what is already a volatile country and it potentially leaves the markets facing months of political infighting if Ramaphosa is ultimately removed. All in all, it’s not very supportive for the ZAR (rand).”
CHANTAL MARX, INVESTMENT RESEARCH HEAD AT FNB WEALTH AND INVESTMENTS
“The rand is the weakest currency among the expanded majors today and bond yields have kicked up considerably across the curve. This seems to have been driven by SA-specific factors and in particular developments on the political front, namely the parliamentary panel report findings into the Phala Phala saga.”
BIANCA BOTES, DIRECTOR AT CITADEL GLOBAL
“The uncertainty around Ramaphosa’s presidency has caused a selloff of the local currency as investors now wait for clarity on the ramifications of the report, and what that could mean for the president.”
(Reporting by Bhargav Acharya, Rachel Savage and Kopano Gumbi; Editing by James Macharia Chege and Alison Williams)
