South Africa: No plans to fire President Jacob Zuma – ANC

South Africa’s ruling African National Congress (ANC) said on Tuesday it did not support calls for President Jacob Zuma to stand down after his appointment of an unknown back-bencher as finance minister last week sent shockwaves through the country’s financial markets.

Zuma had appointed David van Rooyen, a former mayor, to replace the widely respected Nhlanhla Nene last Wednesday, a move that sparked a selling frenzy in the rand, bonds and stock market. Zuma then changed his mind late on Sunday and reappointed former finance minister Pravin Gordhan to the portfolio he led from 2009 to 2014.

Zuma’s dramatic U-turn caused a relief rally in South African assets but fueled speculation the ruling party might make the 73-year-old stand down as president of Africa’s most advanced economy. However, spokesman Zizi Kodwa said top party officials had not contemplated such drastic action.

“I can confirm that there was no discussion of recalling the president,” he told a news conference.

Earlier, deputy secretary-general Jessie Duarte said Zuma had decided to change van Rooyen’s appointment on Sunday afternoon after a 70 minute meeting with top party officials, including deputy president Cyril Ramaphosa. Zuma also considered the views of the party’s allies in the union movement, as well as the concerns of the financial markets, Duarte said. The rand lost 9 percent against the dollar in the 2 days after van Rooyen’s appointment.

Top bankers, had earlier met senior ANC officials to lobby for an appointment that would help restore calm and confidence to South Africa’s markets, Duarte said.

Source: Reuters