South African President Ramaphosa Says He Will Not Resign After Impeachment Call
South African President Cyril Ramaphosa said he would remain in office despite an impeachment probe and calls for his resignation. The decision opens a new legal phase in South African politics and keeps investors on alert.
South African President Cyril Ramaphosa said on Monday evening that he would not step down despite calls for his resignation linked to the "Farmgate" scandal. Last week's Constitutional Court ruling had cleared the path for parliament to open impeachment proceedings.
In his statement, Ramaphosa said his decision reflected respect for legal procedure and that he would stay in office to respond to the allegations against him. The opposition reiterated its call for an accelerated process and a broader independent inquiry.
The South African rand weakened slightly against the dollar after the announcement, and financial-sector stocks on the Johannesburg Stock Exchange traded with caution. Investors say a drawn-out probe could put pressure on the country's credit-rating outlook.
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