Zuma’s time is running out: report

President Jacob Zuma will reportedly be formally asked to step down as president of the country by the ANC’s top officials today, the City Press reports.

The paper reported that Zuma will likely agree to do so, but not until after the State of the Nation Address later this week.

The on and off announcements of the president stepping down have proven to have a strong effect on South Africa’s markets, with every bit of news pointing to an early exit giving the rand a boost, followed by a small drop after reports are dismissed.

However, most analysts and economists are factoring Zuma leaving before his term is complete into the rand’s pricing.

There have been mixed signals from within the ANC about Zuma’s fate, with delegations led by new ANC president Cyril Ramaphosa pressing that he is engaging with Zuma and ironing out a smooth transition – while secretary general Ace Magashule and deputy Jessie Duarte are adamant Zuma’s early exit is not on the formal agenda.

According to the City Press, Magashule has again denied that a formal request is on the cards for today. However the paper said its sources have revealed that if no agreement is reached today, a special NEC meeting will be held.

Opposition parties this past week tried and failed to get the State of the Nation Address postponed until a new president was elected. They also tried to have have a motion of no confidence in Zuma debated before the address.

Speaker of the National Assembly Baleka Mbete would not allow the motion of no confidence to happen so early, but put it on the calendar for 22 February.

Read: Zuma to face another vote of no confidence on 22 February

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Zuma’s time is running out: report