President Cyril Ramaphosa is in meetings with close allies to take advice on the matter, said the people who asked not to be identified as they’re not authorised to speak to the media.
The rand weakened as much as 1.7% to an intraday low of 17.49 per dollar on the news and traded at 17.4892 by 1:50 p.m. in Johannesburg.
Ramaphosa is “in consultations with a number of stakeholders over the permutations of the panel’s report,” Vincent Magwenya, his spokesman, said in a response to questions sent by text message. The president will make an announcement on his response to the report and the presidency “will advise once the time has been confirmed,” Magwenya said.
This comes on the backdrop of Ramaphosa cancelling a scheduled appearance before parliament as he considers his response to an independent panel’s finding that he may have a case for impeachment to answer.
Ramaphosa had been set to answer questions from lawmakers in the National Council of Provinces on Thursday afternoon. Those plans have been cancelled, Gerhard Koornhof, parliamentary counsellor to the president, said in a letter to the NCOP seen by Bloomberg and verified by the presidency.
“The recommendations of the panel and the implications thereof for the stability of the country require his Excellency President Ramaphosa to take the time to carefully consider the contents of the report and the next course of action to be taken,” Koornhof said.
Ramaphosa’s allies met late on Wednesday to discuss the panel’s report before top leaders of South Africa’s governing African National Congress meet later on Thursday to weigh their response to its findings. – Bloomberg
President Cyril Ramaphosa. (Photo: Felix Dlangamandla)