South Africa's President Says He Will Not Resign as Impeachment Probe Looms
South African President Cyril Ramaphosa says he will not resign despite calls over the 'Farmgate' scandal. A Constitutional Court ruling last week cleared the way for parliament to launch an impeachment probe. The ANC has yet to take a clear stance.
Speaking after an ANC executive meeting, Ramaphosa said he 'will not be stepping aside' and would engage with parliament's process. The Constitutional Court ruling removed legal hurdles to an impeachment probe linked to alleged concealment of foreign currency at his farm.
The 'Farmgate' case centres on an alleged theft of around $4 million in foreign currency from the president's farm in 2022. A panel had earlier found a 'prima facie' case of constitutional violation, but a majority of ANC lawmakers blocked adoption of that report.
The Democratic Alliance is pushing for a swift inquiry while the ANC faces sharp internal divisions. The political uncertainty has weighed on the rand and lifted long-dated bond yields.
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