South African Rand Leaps Higher on Ramaphosa Win

Above: File image of President Ramaphosa, photo: GCIS, GovernmentZA.

The Rand appreciated in value on news the African National Congress (ANC) has reelected President Cyril Ramaphosa as its leader.

At the ANC's congress, Ramaphosa won with 2 476 votes against Zweli Mkhize's 1 897.

The development brings an end to a period of political uncertainty facing the country after Ramaphosa was found by a panel to have contravened the constitution and anti-corruption laws with regards to his dealings at Phala Phala.

Phala Phala is his farm at which large amounts of cash were recovered in 2021, setting off a trail of intrigue that ultimately ended with the findings of a three-person panel mandated to investigate the president's conduct.

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"5 out of 7 candidates voted in the top seven positions belong to president Ramaphosa's camp, which will help him strengthen his grip on the party. The market is likely to reward the fading of political uncertainty for now with a strong rand and lower yields," says a daily currency research briefing from TD Securities.

In a surprise, Paul Mashatile was elected party deputy president, he is not in Ramaphosa's camp

Ramaphosa ally Gwede Mantashe has been voted party chairman

Fikile Mbalula becomes the ANC's Secretary General, he is also in Ramaphosa's camp.

Non-Ramapohsa supporter Nomvula Mokonyane becomes first deputy Secretary General.

Second Deputy Secretary went to Maropene Ramokgopa, a Ramaphosa ally, as is Gwen Ramokgopa, who was voted as Treasurer General.

The Pound to Rand exchange rate was lower by 1.75% at 21.02, the Dollar to Rand exchange rate is down 2.0% at 17.24 and the Euro to Rand rate is 1.83% lower at 18.30.