South Africa's deputy president says power transfer to be finalized

South Africa's deputy president says power transfer to be finalized

But at an event in Cape Town marking 28 years since Nelson Mandela was released from prison, the ANC's president and Zuma's deputy Cyril Ramaphosa told crowds that matters would be finalised at a national executive committee meeting tomorrow.

The ANC will decide President Jacob Zuma's fate at a special meeting on Monday, the party's new chief said, in what could be the most serious bid yet to unseat a leader damaged by corruption allegations.

Then he referred to the topic that people really wanted to hear about - his confidential negotiations in recent days with Zuma over the president's exit after a scandal-marred tenure.

The yield for the benchmark government bond due in 2026 was down 4 basis points to 8.415 percent, reflecting stronger bond prices.

"We are now engaged in discussions around the transition to a new administration and specifically the position of the President of the Republic‚" Ramaphosa said.

Opposition parties are set to meet at Parliament on Monday afternoon to discuss the motion of no confidence in President Jacob Zuma and a plan for countrywide mass action to support it.

"It is the interests of you, our people, that must be put first, and not the interests of anyone else", he said.


Ramaphosa added that the ANC would also work to rebuild the confidence of the nation and credibility of state-owned institutions. Jailed for 27 years, the anti-apartheid leader addressed an ecstatic crowd from the balcony of Cape Town's City Hall on February 11, 1990 and was elected as South Africa's first black president four years later.

Mr Ramaphosa clarified the key aim of transition talks with Mr Zuma was to unite South Africans.

Several thousand ANC supporters wearing the party's signature yellow, green and black colours attended the rally at the symbolic Grand Parade in central Cape Town.

The country's ruling African National Congress (ANC) is reportedly pressuring him to resign his position nearly a year before his second term is set to expire.

Sunday's rally was part of ANC celebrations marking 100 years since Mandela's birth - as well as efforts by Ramaphosa to fix the party's reputation ahead of next year's general election.

"The centenary of the birth of Nelson Mandela gives us a great opportunity for renewal and rebuilding".

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