South Africa's president faces resignation calls after court ruling
South Africa's Constitutional Court ruled that President Cyril Ramaphosa's failure to submit a commission report to parliament on time amounted to a breach of the constitution. Opposition parties called for his resignation. The rand fell about 1.2 percent against the dollar after the ruling.
The ruling relates to the report of an inquiry commission set up after the 2022 'Phala Phala' case. The court unanimously found that the president had exceeded the constitutional deadline for delivering the report's annexes to parliament. The judgment imposes no binding penalty but could pave the way for a motion of no confidence.
The opposition Democratic Alliance and Economic Freedom Fighters held a joint press conference demanding early elections. Criticism is also building inside Ramaphosa's African National Congress. Finance Minister Enoch Godongwana said the government would comply with the ruling and submit the additional documents within fourteen days.
Markets began to price in political uncertainty. The main Johannesburg index fell 1.1 percent. The rand moved from 19.1 to 19.3 against the dollar. The yield on the ten-year bond rose by 18 basis points. A Fitch spokesperson said the agency would assess any implications for the country's credit outlook.
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