The investigation centers on the theft of some $4 million from the billionaire president’s farm in 2020, which came to light in June. The robbery has raised questions about how Ramaphosa, who came to power promising to fight corruption, acquired the cash haul and whether he declared it.
“I want to tell the markets that people should be calm and relaxed… the macroeconomic framework remains,” Godongwana said in a telephone interview.
Asked if he had received panic calls from investors and ratings agencies, the minister, considered by analysts to be a close Ramaphosa ally, said no.
He said that if Ramaphosa resigned, he would stay at his job. “If the new president wants my service, I will continue,” he added.
“Whether individuals leave or not, whether a new individual comes in, the party line continues. So you’re not likely to see a change in the fiscal framework now. There’s no impact on the fiscal framework.” Godongwana said.
“The president should, in my opinion, carry on with his job as normal, allow parliament to follow its own procedures, do whatever is necessary in his personal capacity to defend himself. This may include legal action.”
The scandal hit South African markets on Thursday and damaged its image as a relatively stable investment destination and gateway to the continent. However, the rand and government bonds rallied on Friday on news that Ramaphosa may not step down.
Senior officials from South Africa’s ruling African National Congress (ANC) met on Friday to decide whether Ramaphosa should stay on after the investigation findings.
(Written by Alexander Winning; Edited by James Macharia Chege)
By Olivia Kumwenda-Mtambo
