Here’s what is happening in and affecting South Africa today:
- Confirming reports that an early Zuma exit was not up for discussion, the ANC’s top leaders did not discuss the sitting president’s future at its first NEC meeting held yesterday. Investors were disappointed by the lack of action, causing the rand to take a knock. However, analysts are firm that Zuma’s days in office are numbered, with a host of legal battles lying ahead for the president.
- South African banks are set to introduce a new debit order system to combat debit order fraud, which will require companies listing new debit orders to notify the client’s bank, which then will require customers to confirm and authenticate the transaction. The new system needs to be in place before SARB’s February 2019 deadline.
- Former Public Protector Thuli Madonsela is adamant that the state capture inquiry being set up by president Jacob Zuma can only investigate the links between Zuma, his family and the Guptas, as per the terms of reference in her original report. However, her successor, Busisiwe Mkwhebane believes that the terms of reference should be broadened if necessary.
- The parliamentary committee looking at changing the rules of impeachment in South Africa should be done with its work by the end of March. One of the biggest issues being assessed is how to avoid a political party using its majority to defeat processes put up to hold the executive to account. It has been suggested that a panel of three to five judges be used to hold an impeachment inquiry.
- South Africa’s rand weakened as much as 1.7% on Wednesday to its worst performance in nearly three weeks after the ruling African National Congress said an early exit for President Jacob Zuma had not been discussed at a party meeting. On Thursday the rand was at R12.42 to the dollar, R16.77 to the pound and R14.84 to the euro.