The rand is on the up and up amid expectation of Zuma recall

(Reuters/Siphiwe Sibeko)

(Reuters/Siphiwe Sibeko)

As South Africans await the expected announcement of President Jacob Zuma’s recall from the presidency, the rand has been trading stronger at R11.90 at 8pm on Monday from R12.00 before midday.

The South African currency has been volatile in the last week, amidst uncertainty surrounding confidential negotiations between Deputy President Cyril Ramaphosa and President Zuma on the future leadership of the country.

READ MORE: Zuma: Critical, but stable

The rand has been riding a wave of optimism since Ramaphosa’s appointment to ANC president, with investors encouraged by Ramaphosa’s pledge to end corruption and repair state owned entities.

The National Executive Committee (NEC)  of the ANC has been locked in a meeting for several hours on Monday. If the NEC votes for a recall, as expected, and Zuma tenders his resignation Ramaphosa, as deputy president of the country,  will assume power. It would then be up to the national assembly to pick a new president within 30 days.

​Thulebona Mhlanga

​Thulebona Mhlanga

Thulebona Mhlanga is financial trainee journalist  at the Mail & Guardian, currently enrolled for a masters in politics at the University of Johannesburg. In addition to her fervent interest in business writing, reading and educating others around issues of financial literacy, she volunteers her time to projects assisting women and promoting social justice.  Read more from ​Thulebona Mhlanga

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