Rand holds onto gains as market watches for Jacob Zuma's exit

Rand holds onto gains as market watches for Jacob Zuma's exit

Rand holds onto gains as market watches for Jacob Zuma's exit

Addressing ANC supporters in Cape Town, Ramaphosa, who is deputy president, said: "The National Executive Committee of the ANC will be meeting tomorrow to discuss this very matter, and because our people want this matter to be finalised, the NEC will be doing precisely that".

South Africans on Sunday celebrated 28 years since late President Nelson Mandela was released from prison after serving 27 years for opposing white-minority rule.

Communications from an ANC official leaked on Friday suggested the party was planning to hold a meeting on Wednesday to sack Zuma but made a decision to hold off because negotiations between Zuma and Ramaphosa were going so well.

An immediate Zuma resignation, or within a few days at most, was confidently expected to be the result, ANC insiders said. The meeting begins around 4:00 p.m. Magashule eventually leaves, and Zuma and Ramaphosa meet alone.

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Zuma has not spoken publicly since being asked to resign by senior ANC officials on February 4. Talks about a transition of power are due to be concluded within a matter of days, Ramaphosa said in a statement on Wednesday.

The new ANC leader's discussion with the parliamentary caucus of the impeachment article in the South Africa's constitution makes it clear that he is prepared to use big guns if necessary.

At the centre of the impasse is a power struggle between Mr Zuma, who is facing corruption charges and Cyril Ramaphosa, a market-friendly, anti-corruption reformist who was narrowly elected leader of the ANC at a conference in December. Ramaphosa also led South Africa's delegation to the World Economic Forum in Davos, Switzerland last month, mixing with heads of state and trying to assure investors that the country is emerging from the turmoil that briefly sent it into recession previous year.

Currently Deputy President of South Africa, he is widely seen as the likely successor to Zuma after corruption allegations knock the incumbent out of office.

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Zuma's nine-year tenure has been marred by a succession of scandals, which have slashed support for the ANC and cost it control of Johannesburg, the economic hub, and several other cities in a 2016 municipal vote.

Ramaphosa and Zuma hold another round of talks after hosting routine cabinet meetings earlier in the day.

He said Cyril Ramaphosa had the upper hand, and more people in the NEC would favour the removal of Zuma.

And there is evidence that Ramaphosa's promise to clean up corruption is being fulfilled.

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