Zuma fate undecided as ANC NEC meeting focuses on party celebrations

Zuma fate undecided as ANC NEC meeting focuses on party celebrations

Meanwhile, President Jacob Zuma will lead a South African delegation to the thirtieth edition of the African Union (AU) Summit, in Addis Ababa, in Ethiopia from January 22 to 29.

In his goodbye speech as ANC leader last month, the 75-year-old Zuma acknowledged "failures" that have threatened the party's future and said greed was posing a serious threat.

Since Ramaphosa narrowly defeated Nkosazana Dlamini-Zuma, the rand has rallied from around R13.60/dollar, to around R12.23.

The rand weakened in midday trade yesterday to its worst in almost three weeks after the ANC said an early exit for President Jacob Zuma had not been discussed at a party meeting.

South Africa's president said Tuesday he is appointing a commission of inquiry to look into corruption allegations that have led to calls for his ouster and weakened the ruling party, declaring "this matter can not wait any longer". "And the ANC meeting only ends on Friday so there will be more headlines and that means rand volatility should continue", said trader at RMB Jim Bryson.

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Zuma's detractors say that his continued tenure as state president will severely hamper the ANC's efforts to decisively win the 2019 elections.

The ANC's top decision makers also meet this week, and Zuma's recall is expected to be on the agenda.

When asked about the issue of two centres of power with Zuma remaining the head of state, and Cyril Ramaphosa the recently elected party president, Magashule said the are no two centres of power, as the ANC is the only centre of power.

Meanwhile, in equities, the benchmark JSE Top40 index slipped 0.03% to 53167.96 points while the broader all share index declined 0.22% to close at 59979.63 points.

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