Zuma to set up commission to probe influence-peddling

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In the run-up to the NEC's first meeting yesterday, it was believed that the matter would be addressed in relation to the future of President Jacob Zuma as the head of state.

Persistent rumours that President Jacob Zuma could be forced to step down before his term ends in 2019 supported some short term gains in the rand, but the rally stalled in the face of technical barriers and economic fundamentals.

"It is quite clear that Ramaphosa is not equal to the task of getting rid Zuma as the majority of the ANC is still made up of corrupt and selfish leaders who put filling their own pockets before the needs of the people‚" Van Damme said. Joining CNBC Africa to unpack these developments further is Richard Calland, Law Professor, University of Cape Town.

However‚ Nzuza said they would not take kindly to any talk about recalling Zuma. "If not, it will be war which only Cyril can win - but at great cost to his party and his presidency".

Transform RSA was demanding "an unequivocal and unconditional undertaking" by the party and its NEC, allies and partners that there would be no intention to discuss or decide on removing Zuma from office.

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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 previously appealed a court ruling ordering him to initiate the inquiry as directed by the nation's graft ombudsman, despite the ANC adopting a resolution that the investigation should proceed.

Ramaphosa, a lawyer and one of the wealthiest black South Africans, is widely expected to adopt more business-friendly policies and his election as ANC leader helped boost the rand 11% last month, the most among the world's major currencies.

The rand weakened by 1.7% to the dollar as news hit that Zuma was not removed.