An announcement by President Cyril Ramaphosa’s office a day after a panel reported preliminary evidence that he may have committed serious misconduct has put his presidency at risk.
Rather than address the nation as promised Ramaphosa’s spokesman Vincent Magwenya addressed the media this evening and said: “An announcement is imminent. … I can’t confirm the date and time, we will advise.”
“The president recognises the urgency of this matter and is in the process of consulting with other leaders. Rather than act in haste, the president will consider the best options for the country. He may or may not continue, but I cannot speculate,” said Magwenya
The president has denied any wrongdoing in the Phala Phala saga and has not been charged with any crimes. The rand fell more than 4% against the dollar before paring losses, and South Africa’s sovereign dollar bonds dropped sharply on speculation Ramaphosa would leave his post.
The theft has raised questions about how Ramaphosa, who came to power on the promise to fight graft, acquired the money and whether he declared it. The president has denied any wrongdoing and has not been charged with any crimes.
The country’s biggest opposition party, the Democratic Alliance, has called for an early election and the report has plunged the governing African National Congress (ANC) into crisis.
It also threatens Ramaphosa’s efforts to rekindle investor confidence in Africa’s most industrialised economy, after a decade of corruption scandals under former president Jacob Zuma. The ANC said its executive committee would meet to discuss the panel report on Friday morning, delaying an earlier plan to meet on Thursday.