ANC NEC unlikely to take 'bold steps'

ANC NEC unlikely to take 'bold steps'

Maphatsoe's statement comes amid growing calls for Zuma to resign from the state presidency, and for newly-elected ANC president Cyril Ramaphosa to take over the reins of government, after he narrowly beat hs contender and former African Union Commissioin chair Nkosazana Dlamini-Zuma at the party's elective conference in December 2017.

President Jacob Zuma has wished the delegation well in the annual meeting which provides an important platform to market and showcase the country to global business and other key worldwide stakeholders.

Persistent rumours that President Jacob Zuma could be forced to step down before his term ends in 2019 supported some short term gains in the rand, but the rally stalled in the face of technical barriers and economic fundamentals. "Zuma deserves no credit for this decision".

Zuma's move and the rand's reaction came before the new top leadership of the ruling African National Congress gathers for the first time.

NEC sources told News24 that Ramaphosa and Zuma were in talks discussing Zuma's exit as head of state. He added that "no area of corruption and culprit" should be spared.

Stocks were little changed with South African-listed Steinhoff shares weighing on the market. Bond yields rose and the currency extended declines after the secretary general of the ruling party said Zuma's ouster is not on the agenda of a meeting Wednesday.

But he pushed back against allegations of graft, asserting that "theft and corruption" in the private sector is just as bad as in South Africa's government and that "being black and successful is being made synonymous to being corrupt".

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