The noose tightened on South African President Jacob Zuma as the ruling African National Congress said it’s preparing to hold a vote of no confidence in him on Thursday, after the police raided the home of key allies.
The ANC said it will vote Zuma out of office and hopes to elect a new president on Thursday, the latest signs that he’s lost his struggle for power with the new party leader, Cyril Ramaphosa. The ANC had expected Zuma to respond on Wednesday to its National Executive Committee’s decision to replace him but has not received one.
“It’s clear for us as the ANC we can no longer wait beyond today,” ANC Treasurer-General Paul Mashatile told reporters in Cape Town. “My message to the caucus is they must proceed with the parliamentary process. A decision has been taken, it must be implemented.”
The party desperately needs a quick transition, so Ramaphosa, a 65-year-old lawyer and one of the richest black South Africans, can move to fulfill pledges to revive the struggling economy, clamp down on corruption and rebuild its image ahead of elections scheduled for mid-2019. Any delays in parliament and establishing a new government will harm the party’s chances.
The rand jumped 1.8159 per dollar by 1 p. in Johannesburg, set for its strongest level in almost three years. Yields on benchmark government bonds due 2026 fell eight basis points to 8.
The announcement Wednesday came after police raided the Johannesburg home of the Gupta family, who are in business with Zuma’s son, Duduzane.
— With assistance by Sam Mkokeli, Amogelang Mbatha, Ana Monteiro, John Viljoen, and James Hertling.
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