Cyril Ramaphosa’s possible resignation will have serious ramifications – in South Africa and internationally.

Major news outlets nationwide have reported on the speculation that the president will resign this evening.

This comes after it was found that Ramaphosa violated several sections of the country’s Constitution over how he handled the Phala Phala matter, dating back to February 2020.

If the president does resign, the consequences will rock South Africa.

By 2.45pm on Thursday, the South African rand had already plummeted to R21.76 to the British pound and R17.73 to the dollar.

The pound-to-rand exchange is up by over 5% and the dollar-to-rand by 3.5%.

David Mabuza is likely to be the next acting president.

More to follow.

Also read:

Phala Phala Scandal: Calls mount for Ramaphosa to resign

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