South African president says he will not step down after impeachment call
South Africa's president said he will not step down after a parliamentary impeachment call, rejecting the accusations and pledging to keep the government's reform programme on track. The rand traded in a narrow range after his statement.
South Africa's president announced that he will not step down despite a motion of impeachment tabled in parliament. Rejecting the accusations, the leader said the current government will keep its economic reform timeline and increase funding for energy infrastructure investment.
Opposition parties criticised the statement, but observers say the ruling coalition is unlikely to muster the votes needed in the impeachment ballot. Constitutional experts noted that even if it passes, the process could be drawn out in the courts.
In the markets, the rand traded in a narrow range against the dollar after the statement, while the Johannesburg stock exchange closed marginally higher. Investors said the stance of coalition partners in the coming days will be the main driver of macro stability.
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