Rand slides as Zuma resignation talk is dismissed

President Uhuru Kenyatta with his South African counterpart Jacob Zuma at the State Pavilion at the JKIA in Nairobi before the latter's return to his county

South Africa's rand slips as investors book profits

South Africa's military veterans have urged the new African National Congress leadership to deal withformer ANC leader Jacob Zuma's future as the leader of the country as soon as possible.In doing so‚ there should be "no place for vendettas and vindictiveness", uMkhonto weSizwe Military Veterans' Association (MKMVA) president Kebby Maphatsoe said on Monday.

President Jacob Zuma's cheerleader‚ the ANC Youth League‚ has vowed to oppose any attempts to have him recalled at Wednesday's special national executive committee (NEC) meeting in East London.

In a statement President Zuma said that "allegations that the state has been wrestled out of the hands of... the people of South Africa, are of paramount importance" and were "deserving of finality and certainty".

While pundits and media speculated that Zuma's removal from office might have been on the agenda at the NEC meeting, newly elected secretary-general Ace Magashule denied this, saying the inaugural meeting of the new NEC was only concerned with party president, Cyril Ramaphosa's January 8 statement.

Zuma's announcement comes the day before parliament is to take up a draft of a process for removing the nation's president from office.

Chief Justice Mogoeng has chosen his deputy, Ray Zondo, to head the inquiry, Mr Zuma said.

South Africa is not a parliamentary democracy, but a constitutional democracy.

The rand has swung between R12.2275 and the upper R12.50s for the first two weeks of the year, pushed and pulled by mostly rumour-fuelled bets of a Zuma resignation before his term ends next year.

In 2016 a damning report questioned Zuma's dealings with the Guptas, a wealthy family of Indian origin, who allegedly were granted influence over his cabinet appointments.

Zuma's detractors say that his continued tenure as state president will severely hamper the ANC's efforts to decisively win the 2019 elections.

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