Good morning. It was a day of high political drama on Thursday with news circulating that President Cyril Ramaphosa is likely to resign as head of state and president of the ANC over the Section 89 independent panel report into Phala Phala. Ramaphosa is yet to step down and for now, remains on the job, but you can expect another whirlwind news day ahead.
Here’s what you need to know today:
What currency and stock markets say about a possible Cyril Ramaphosa exit from office – Daily Maverick
The major concern for investors over a possible Ramaphosa resignation is who might follow him into office. If Ramaphosa is to resign, investors would want to see someone who would hold firm with Ramaphosa’s economic policies, the structural reform agenda, and the exercise of prudence over public finances. The nervousness among investors is evidenced in a slide in the rand, which went from trading below R17/$ – a mark it last reached in August – to firmly trading above R17/$ and pushing upwards to R18.00. Read more here.
Phala Phala: President’s decision ‘cannot be rushed or taken in haste’, says spokesperson – News24
While the president reportedly spent most of yesterday telling his inner circle that he was ready to resign in the best interests of the nation, he is not panicking over his decision either, says spokesperson Vincent Magwenya. “Due to heightened expectations, The president appreciates the urgency of the issue. The president also appreciates the enormity of the issue and what it means for the country and the stability of the country,” said Magwenya. Read more here.
In the eye of the storm: Inside the report that might sink Cyril Ramaphosa – Daily Maverick
But what exactly is in the 86-page report that has brought Ramaphosa to the brink of resignation? Rebecca Davis has read through the report and writes that at certain points the report is farcical in the way it is written as the panel asks questions over what techniques were used to stuff the equivalent of R8.7 million into a couch. Ultimately, from the evidence presented to the panel it reads like he said/she said and some legal experts have asserted that the report might be successfully challenged in court. Read more here.
Here’s what else you need to know today:
Dollar wobbles as inflation ebbs, eye on jobs data – SABC News
What investors, analysts say about Ramaphosa’s potential resignation – BizNews
Phala Phala scandal not the only reason for weaker rand, say economists – EWN
South Africa trails emerging-market peers as Ramaphosa faces calls to resign – Daily Maverick
SA cannot afford further erosion of confidence and instability – BUSA – SABC News
Threat to Ramaphosa’s efforts to rekindle investor confidence in Africa’s most industrialised economy – Bizcommunity
A dyslexic UK worker dismissed for spelling mistakes gets a R1.16 million award – Business Insider
