Rand falls as Ramaphosa’s fate throws South Africa into crisis
The rand weakened on Thursday as the country was thrown into a political crisis with President Cyril Ramaphosa facing the threat of impeachment over a robbery cover-up scandal.
At 1130 GMT the rand was trading at 17.43 against the dollar, down almost three percent from its value on Wednesday evening, when the findings of a special panel probing the affair were published landing Ramaphosa in hot water.
The three-person body said there was enough evidence to warrant a parliamentary debate on whether the president should be removed from office.
The scandal erupted in June after South Africa's former national spy boss alleged to police that Ramaphosa had hidden a burglary at his Phala Phala farm in northeastern South Africa from the authorities.
Instead, he allegedly organised for the robbers to be kidnapped and bribed into silence. The president has denied the accusation.
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South Africa's ruling ANC party was due to convene emergency talks on Thursday as pressure mounted on the president after the independent panel concluded he "may have committed... serious violations" of the constitution and anti-corruption laws.
South African lawmakers are to examine the panel's findings on December 6 and decide whether to start impeachment proceedings.
Th report dealt a serious blow to Ramaphosa's bid in two-weeks' time to be re-elected head of the African National Congress (ANC).
The president has been deluged with calls to step down from within the ANC and the opposition.
The ANC's National Executive Committee -- the party's decision-making body -- is due to hold urgent talks starting at 7:00 pm (1700 GMT).
