Reports say while former SA President Jacob Zuma’s voluntary resignation after his ANC recall means Parliament will no longer have to debate a motion of no confidence, there is still the matter of making official the appointment of Cyril Ramaphosa as the president of the republic.
Wall Street cheers as Zuma’s resignation marks new era for rand
Traders couldn’t be happier to see the end of President Jacob Zuma’s nine years in power.
The 75-year-old leader had driven Wall Street to its wit’s end in recent years amid ratings downgrades, declining growth and a string of scandals.
After surviving multiple attempts by opposition parties to oust him throughout his presidency, he agreed to step down late on Wednesday.
The rand rallied to its highest level since February 2015, following weeks of maneuvers by the ruling African National Congress to remove him from office.
“This is a very big relief,” said Shamaila Khan, director of emerging markets at AllianceBernstein. “Institutions had been deteriorating rapidly.”
ANC Women’s League welcomes Zuma resignation
Meanwhile, the African National Congress Women’s League (ANCWL) has welcomed the resignation of President Jacob Zuma in line with the decision of the African National Congress (ANC) National Executive Committee (NEC) to recall him as a State President.
Whilst acknowledging that more still to be done, the ANCWL leadership collective appreciates the work done by ANC led government under President Zuma.
In a statement to the media, ANCWL Secretary General Meokgo Matuba said the ANCWL has called on the ANC led government to build on those legacies in the best interest of the poor and working class.
“It is only the ANC that remains the hope of the masses of the country. The ANC must continue with its socio-economic transformation agenda of the country to redress the injustices of the past which perpetuates white supremacy and white arrogance in South Africa,” read the statement.
The ANCWL has called all members and supporters of the ANC to emulate President Zuma commit to selflessly serve the movement even when not in any position in the movement.