Rand reacts to rumours of Zuma stepping down

South Africa's rand slips as investors book profits

Jan 10 South African President Jacob Zuma said that he would appoint a commission to inquire into the graft allegations into the highest levels of the state. Newly elected ANC secretary-general Ace Magashule confirmed speculation that Ramaphosa was in talks with Zuma.

But if he is able to demonstrate early signs of action - for example, if Zuma is recalled and the cabinet reshaped as Ramaphosa would want - this would be a sign that paralysis won't happen.

After the meeting ended, a member of the leadership who asked not to be named said the issue had not come up.

"The only item on the agenda is the January 8 statement‚" said Magashule‚ adding that the agenda of the meeting was adopted as such and would not change.

IOL reported that officials had chose to defer any other issues besides the birthday statement to the NEC's scheduled meeting next week.

President Uhuru will be making his first state visit to the country since his second term inauguration.

"The ANC can not avoid dealing with the future of Jacob Zuma".

"The matter can not wait any longer", he said, adding: "I have made a decision to appoint a commission of inquiry".

Still, many in the province are already looking to ANC president Cyril Ramaphosa as the new authority.

"Ramaphosa has to chart a very careful course so he can win broad ANC support and negotiate a dignified exit for Zuma", independent political analyst Daniel Silke said.

The new ANC national executive committee met for the first time on Wednesday in East London, where the party's annual 8 January celebrations will be held.

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