South Africa\u2019s ruling African National Congress wants a speedy transition of power following its election of a new leadership and will discuss the matter with president Jacob Zuma this week, a top party official said. The rand gained.<\/p>\n
\u201cWe are aware there are a lot of people who want the new leader of the ANC taking power,\u201d Paul Mashatile, the party\u2019s treasurer-general, said Wednesday at a conference in Cape Town. \u201cIt is going to happen. It is not a matter of booting him out.\u201d<\/p>\n
Ramaphosa was elected leader of the ANC last month, replacing Zuma. While Zuma\u2019s second and final term as president is due to end around mid-2019, his immersion in a succession of scandals has eroded support for the ANC and led to calls from within the party\u2019s ranks for his early removal.<\/p>\n
The rand surged to its strongest level since May 2015, advancing as much as 1.1% to R11.8335 per dollar. Yields on benchmark government bonds due December 2026 dropped seven basis points to 8.49%.<\/p>\n
\u201cThe rand will continue to remain sensitive to the headlines surrounding political news,\u201d Zaakirah Ismail, a fixed income analyst at Standard Bank Group, said by phone. \u201cIt certainly looks like there is pressure building for a plan for president Zuma\u2019s removal.\u201d<\/p>\n
Mashatile said he couldn\u2019t say whether Zuma will be removed before the February 8 state-of-the-nation address.<\/p>\n
\u201cThere has to be a very smooth and quick transfer of power now there is a new leader,\u201d he said. \u201cThe question is how we will handle this.\u201d<\/p>\n
Mashtile\u2019s comments contrast with those of ANC Secretary-General Ace Magashule, who said no decision had been taken to remove Zuma, and those of Jessie Duarte, Magashule\u2019s deputy, who told Johannesburg\u2019s City Press newspaper that he would only step down next year.<\/p>\n
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