Ramaphosa Tells Parliament He Will Not Step Down Over 'Farmgate' Scandal
South African President Cyril Ramaphosa told parliament he will not resign over the 'Farmgate' scandal, defending himself ahead of an expected impeachment probe. The source of large amounts of cash secretly held at his farm remains contested as opposition parties gather signatures to start the process.
Speaking in the National Assembly, Ramaphosa said he would not stand down before an independent judicial ruling, that the cash stolen from his farm in 2020 came from legitimate livestock sales and that all tax filings were in order. He cast the accusations as a political conspiracy.
The Democratic Alliance (DA) and the Economic Freedom Fighters (EFF) said they have collected enough signatures from 200 MPs to seek the formation of a Section 89 impeachment committee. Seven MPs from the ruling ANC said last week they would back the process.
The rand closed flat against the dollar after the speech but is down 1.2% over the past week. Foreign investors are worried that a drawn-out battle could threaten South Africa's credit rating.
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