Rand reacts to rumours of Zuma stepping down

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South Africa's president said Tuesday he is appointing a commission of inquiry to look into corruption allegations that have led to calls for his ouster and weakened the ruling party, declaring "this matter can not wait any longer".

Magashule said the president and the president of the ANC are "meeting and engaging".

"The allegations that the state has been wrestled out of the hands of its real owner' the people of South Africa' is of paramount importance and are therefore deserving of finality and certainty'" Zuma said in a statement yesterday.

"For Ramaphosa to build on the momentum of his ascendancy to ANC president and boost investor confidence, he will only have a relatively short window to remove Zuma", said Mike Davies, the founder of political-advisory company Kigoda Consulting.

Meanwhile, the ANC National Executive Committee meets today and one of the items expected to be discussed is the removal of President Zuma.

ABC News reported that the president in a statement has said that "on the eve of a high-level ruling party meeting where his fate is a certain topic of discussion, any further delay will make the public doubt the government's resolve to fight graft".

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The announcement came amid opposition calls for Zuma's impeachment.

Zuma said the commission would be headed by Deputy Chief Justice Raymond Mnyamezeli Mlungisi Zondo.

It also deeply divided the ANC, which has been in power since the end of white minority rule in South Africa in 1994.

Mr Zuma has been accused of conspiring with a wealthy business family, the Guptas, to control lucrative state contracts.

There has been widespread speculation that Zuma is being put under pressure to step down as president, giving Ramaphosa room to assume control and work towards the presidential bid for 2019.

Zuma, however, has shown no intentions of resigning.

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