By Lehlohonolo Lehana.
President Cyril Ramaphosa will not be addressing the nation to explain his next move following an independent report into his conduct at Phala Phala.
This is according to his spokesperson, Vincent Magwenya, who addressed the media on Thursday evening.
“He is still processing the report and engaging a number of role-players of the governing party and the alliance. He is engaging a broad range of stakeholders,” Magwenya said.
Magwenya said the country was in an unprecedented and extraordinary moment as a constitutional democracy as a result of the report.
“Whatever decision the president makes, that decision needs to be in the best interests of the country. It cannot be rushed or taken in haste,” he said.
Magwenya apologised for the impression created that Ramaphosa would be addressing the nation on Thursday.
There are frantic efforts to convince the president to fight back against the Section 89 panel report.
This was after insiders close to the president said he was ready to resign from office by this afternoon.
This is to allow the president to consult further on his fate. It is understood that Ramaphosa’s allies in cabinet have told him that the report was flimsy and could be fought politically.
The panel found that Ramaphosa may have violated the Constitution and anti-corruption laws in his Phala Phala dealings.
Ramaphosa is under immense pressure following the release of the report by the independent panel, which made damning findings against him in relation to the theft of $580 000 (R10 million) from his game farm, Phala Phala, in Limpopo.
Meanwhile the South African rand buckled on Thursday (1 December) following findings from parliament’s section 89 panel that there is prima facie evidence that Ramaphosa violated sections of the country’s Constitution.
The rand tanked 3% from R16.90 on Wednesday to R17.43 on Thursday as markets digested the findings and the implications for South Africa.
According to TreasuryOne, this decline is in sharp contrast to the rand’s emerging market peers, which are trading stronger on the back of a less hawkish US Fed and positive news out of China around Covid.
“(Fed chair) Jerome Powell last night said that the Fed is open to moderating the pace of rate hikes as early as this month which has boosted risk sentiment,” the group said.
As a result, the dollar has slipped, which would have further boosted rand had it not been for the developments around Ramaphosa.
At the same time, the positive risk sentiment also got a boost from news that Chinese health authorities have found the new strains of Covid to have mild symptoms, raising the hopes of further relaxing of Covid restrictions, TreasuryOne said.