South African president Ramaphosa says he will not step down after impeachment call
South African president Cyril Ramaphosa said he would not step down despite a parliamentary call to launch impeachment proceedings against him. The Democratic Alliance party filed the motion citing alleged financing irregularities. The ANC retains its parliamentary majority.
Democratic Alliance (DA) members of parliament said at a weekend press conference in Pretoria that fresh documents had emerged in the 2022 "Phala Phala" farm case that warrant launching impeachment proceedings against Ramaphosa. In a Friday evening statement, the president said he would remain in office and ensure full transparency throughout the process.
A parliamentary spokesperson for the African National Congress (ANC) said the matter will first be assessed by a parliamentary committee before any judicial phase. Ramaphosa noted that an earlier inquiry into the allegations had been sent to the Supreme Court of Appeal and adjudicated last year.
The rand weakened by about 1.4% against the US dollar at Monday's open. The banking index on the Johannesburg Stock Exchange closed the day lower. Analysts warned that prolonged political uncertainty could trigger a fresh credit rating review.
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