Ruling party deciding whether Jacob Zuma should remain South Africa's president

Deputy President Cyril Ramaphosa and his delegation will depart from Johannesburg on Sunday evening to participate at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, the presidency said.

Finance Minister and African National Congress (ANC) National Executive Committee (NEC) member Malusi Gigaba says the party will only go with a decision that makes the best sense for the country when it finally decides on Jacob Zuma's fate as head of state.

Meanwhile, Bloomberg reported that the clock is ticking on president Jacob Zuma's scandal-ridden administration.

A report by The Guardian late on Monday reiterated that plans are in place to oust Zuma within the next two weeks, despite comments from secretary general Ace Magashule that NEC had not yet made a decision on the future of the current president. There will be interaction between comrade Zuma and comrade Ramaphosa. The ANC, which has ruled since 1994 when Nelson Mandela won the first multi-racial election, recorded its worst-ever results in 2016 local polls.

Globally, investors expect more forceful market direction to only return later in the week, notably when the European Central Bank announces its latest monetary policy stance on Thursday.

The rand has rallied to a 2-1/2 year high since union leader-turned-businessman Cyril Ramaphosa won the ANC leadership on December 18 as investors bet he would crack down on corruption and implement policy reforms.

Authorities said last week they had been granted authority to freeze millions of dollars worth of assets belonging to companies controlled by the Gupta brothers, who are friends of Zuma's.

"It is as if Cyril is confirming that he has taken over the reins", said Susan Booysen, a political science professor at the University of Witwatersrand's School of Governance.

  • Gwendolyn Kim