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<p>For years South Africa has fallen off the investors&#8217; map, after several cabinet reshuffles and corruption allegations due to South Africa&#8217;s former President Jacob Zuma. One of those that was skeptical was Goldman Sachs, CNBC Africa are joined by its MD Colin Coleman to get his view surprising how quickly people consolidated against Zuma.</p>


A new dawn is looming for SA in the next 5-10 years – Goldman Sachs

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<p>Controversial cartoonist Zapiro, Jonathan Shapiro, the man who forever cemented the image of Zuma with a showerhead growing out of his head in the South African psyche, discusses the Zuma years.</p>


The end of an error – Zapiro

<p><em>Gary van Staden | NKC African Economics</em></p>
<p>One sorry chapter in the recent history of South African politics has thankfully come to an end with the resignation on Wednesday night, February 14, of President Jacob Zuma.</p>
<div id="attachment_298973" style="width: 860px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-298973" class="wp-image-298973 size-full" src="http://cnbc.africa/wp-content/uploads/2018/02/Jacob-Zuma-Resigns_GettyImages.png" alt="" width="850" height="533" /><p id="caption-attachment-298973" class="wp-caption-text">President of South Africa Jacob Zuma addresses the nation at the Union Buildings in Pretoria on February 14, 2018. South African President Jacob Zuma addressed the nation on February 14, 2018, saying that he resigns &#8216;with immediate effect&#8217;. Photo: Getty Images.</p></div>
<p>While the bane of the countless talking heads will continue to pollute the political environment for some time, the focus must now shift to the new leadership of the African National Congress (ANC) to stand and deliver.</p>
<p>It would be gratifying to see the dedication and purpose the ANC put into ridding itself of Mr Zuma now directed into rebuilding the national economy, dealing with the rampant corruption still residing in the ANC which cannot all be blamed on Mr Zuma, improving its shoddy governance record, and serving the people.</p>
<p>Financial markets, investors and business owners are not going to be distracted by the early removal of yet another sitting president for much longer, and the attention will turn to what the new order intends to do and when it will do it.</p>
<p>The state of the nation address (Sona) and the national budget that follows next week will prove to be important indicators of just how the new brooms will be judged.</p>
<p>While the media fascination with the former president will undoubtedly continue for some time, the real issue is that he is now just another South African citizen with some legal problems and of no real concern to where the country moves next.</p>
<p>We have relied too long on explanations of how apartheid was to blame for everything the ANC did wrong and we cannot afford an ANC that will now blame all its ills and all its shortcomings on Mr Zuma. The ANC of President Cyril Ramaphosa must step up and step up quickly.</p>
<p>There are several cabinet ministers who received a stay of execution when Mr Zuma resigned rather than go the route of a no-confidence vote that would have forced all of them to quit with no guarantee they would be reappointed.</p>
<p>Now Mr Ramaphosa must do the dirty work himself and will need no guidance from us as to where the sword must fall.</p>
<p>But just in case he thought Mr Zuma was the only problem, here are a few others: Malusi Gigaba, Faith Muthambi, Bathabile Dlamini, David Mahlobo, Ebrahim Patel, Lynne Brown, Maite Nkoana-Mashabane, Mosebenzi Zwane, Nomvula Mokonyane, and probably some others but they can wait.</p>
<p>As for policy issues, the new leadership needs to address the following:</p>
<ul>
<li>a mining charter that is a disincentive to investment;</li>
<li>it must kill off once and for all the idea of a Russian-sponsored nuclear programme and hope Moscow does not react too badly to the news;</li>
<li>the idea of a ‘developmental state’ must go and privatisation needs at least a return to the agenda, even if just as an option;</li>
<li>State-owned enterprises (SOEs), or whatever government chooses to call them, must add value (either monetary or in terms of service delivery improvements) or be sold off or just shut down; and</li>
<li>clean up corruption and unbundle state capture.</li>
</ul>
<p>The ANC must also address some internal issues that have tended to become everyone’s problem – such as the fact that the gap between the ANC national congress, where new leaders are elected, and the next scheduled national elections is problematic and almost designed to generate uncertainty and the unconstitutional concept of a ‘recall’.</p>
<p>While countries like Botswana manage this issue of ‘two centres of power’ without tensions or cutting short the tenure of the national president, it seems the ANC is not able to manage the arrangement.</p>
<p>We have yet to have a serving president see out the full two-term limit – one by choice (Nelson Mandela who took only one term) and the next two by party skulduggery. As things stand, and assuming electoral success, Mr Ramaphosa is guaranteed only 1.8 terms in office.</p>
<p>There has been much hand-wringing over the impact of ANC attempts to cut short the term of office of the national president when there was no visible difference in the quality or lack thereof of functioning government and State structures.</p>
<p>The removal of Mr Zuma was an unseemly, distasteful charade fed by an often disillusioned civil society that seemed to believe once Mr Zuma had been lanced like an infected boil from the body politic, all would magically be well.</p>
<p>That is not going to be the case, and unless the new ANC leadership urgently and consistently walks its recent talk, we can expect little more than a honeymoon in terms of financial market response and economic progress.</p>
<p>A long, hard walk to progress lies ahead. However, it is important to note that once again a powerful president has been removed from office without recourse to violence or the threat thereof.</p>


South Africa – Now for the hard part as ANC must step up

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<p>Now that former President Jacob Zuma is out of office, it is critical for the country to rebuild the economy and to get the Judicial Commission of Inquiry and other prosecutorial measures back on track.</p>


Zuma’s resignation was long overdue – FEDUSA

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<p>Magda Wierzycka,  Chief Executive Officer of Sygnia Group, says trade union groups, labour, government and business have to come together to deal with the challenges. She also shares her thoughts on the future of the South African economy.</p>


Despite optimism about new era for South Africa, a lot of work needs to be done

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<p>Political analyst Mzoxolo Mpolase joins Fifi Peters and Chris Bishop in the studio to analyse the thought process former President Jacob Zuma may have gone through between his afternoon interview with the SABC and his late night resignation.</p>


Surprising how quickly people consolidated against Zuma

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<p>The new President will face quite a challenge to root out corruption in the South African government, David Lewis, Executive Director, Corruption Watch, told CNBC Africa’s Chris Bishop.</p>


No easy task ahead to root out corruption – Corruption Watch

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<p>Former President Jacob Zuma had good intentions for the economy, especially around radical economic transformation, says Xhanti Payi, Economist and Head of Research at Nascence Advisory and Research.</p>


Was Jacob Zuma’s economic legacy all that bad?

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<p>From Lagos, Bismarck Rawane, CEO, Financial Derivatives, speaks about the Nigerian view on the Zuma administration and expectations around ANC President Cyril Ramaphosa.</p>


Nigerian view on South Africa’s economy after the Zuma administration

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<p>The banking sector had issues with the Zuma administration because of the impact it had on growth the economy and the environment of banking in the country, Cas Coovadia, Managing Director of the Banking Association of South Africa, told CNBC Africa.</p>


A new dawn for the banking sector – Cas Coovadia

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<p>Adrian Saville, CEO, Cannon Asset Managers, talks to CNBC Africa about the essential differences between the two appearances by former President Jacob Zuma yesterday – the SABC interview early in the day and the resignation late at night.</p>


Hard to reconcile Zuma’s SABC interview and the resignation speech

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<p>It was inevitable for former President Jacob Zuma to resign, Dawie Roodt, Chief Economist of the Efficient Group told Fifi Peters this morning. Zuma found himself in a corner with no way out.</p>


Zuma found himself backed into an inescapable corner

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<p>Last night’s announcement of former President Jacob Zuma’s resignation did not lead the markets into mayhem. After weeks of uncertainty, the market had reached the point where it expected a when rather than a whether there would be a resignation. Jan</p>


Late night for market watchers after Zuma’s resignation

<p>STATEMENT OF THE PRESIDENT OF THE REPUBLIC OF SOUTH AFRICA, JG ZUMA ON THE DECISION OF THE AFRICAN NATIONAL CONGRESS TO RECALL HIM</p>
<p>Members of the Media, present here</p>
<p>Fellow South Africans, I address you after weeks of speculation about my future as President of the Republic of South Africa.</p>
<p>In particular, I make reference to the much publicized and awaited decision of the African National Congress issued on 13 February 2018.</p>
<p>It is now public knowledge that the National Executive Committee of the ANC resolved to recall me as the President of the Republic.</p>
<p>I have also learned that, before I respond to the initial decision, a new decision has been made by the ANC, whose effect is that I have now been compelled to resign by way of a motion of no confidence, set down for tomorrow, 15 February 2018.</p>
<p>The ANC is indeed the party on whose nomination I became a candidate for the Presidency of the Republic of South Africa after its victory of the national elections of 2014.</p>
<p>It was on the ANC’s nomination that I was later elected by the majority in the National Assembly as the President of the Republic.</p>
<p>I am forever indebted to the ANC, the liberation movement I have served almost all my life.</p>
<p>I respect each member and leader of this glorious movement.</p>
<p>I respect its gallant fight against centuries of white minority brutality, whose relics remain today and continue to be entrenched in all manner of sophisticated ways, in order to ensure the continued survival of white privilege.</p>
<p>I do take seriously and am grateful to the ANC that, in the face of its revolutionary mission to ensure a better life for all and the creation of a non-racial, non-sexist and democratic South Africa, it deployed me at the pinnacle of its role in government.</p>
<p>I was also elected in terms of section 86 of the Constitution and from that moment pledged my loyalty to the Constitution of the Republic of South Africa.</p>
<p>It has indeed been a great learning experience, a mammoth task, the performance of which can never be done without difficulty and learning on the way.</p>
<p>None of us, no matter how perfect, can claim that the building of a new society and the marshalling of a former liberation movement into a modern political party all happen in a straight line. It has detours, human error and boulders strewn along the path.</p>
<p>Because the struggle and politics are human activities, their pursuit is not without the taints of human nature.  All my life, I have served and will continue to serve the ANC in its pursuit of the objectives of the National Democratic Revolution.</p>
<p>I serve in my capacity as President of the Republic of South Africa within the prism of our much acclaimed Constitution, whose foundational values I fully subscribe to.</p>
<p>I understand fully that while I serve at the pleasure of my party, the ANC, the door through which I officially came to serve the people of South Africa is the National Assembly, without which no political party can impose its candidate on the electorate, no matter how popular.</p>
<p>This Constitutional line between Party and State is often forgotten in the usual business of party political contestations.</p>
<p>As we fight our own battles in the corridors of political power, and sometimes serving the very interests of the oppressors of yesteryear, who joyfully celebrate as we lynch one another, we often forget the citizens on whose behalf we create a better life.</p>
<p>We tend to place the political party above the supreme law of the country, which is the rule book for the country’s political engagement.</p>
<p>I do not make this reference because I am above reproach. Nor do I wish to proclaim that in undertaking my political responsibilities I have been the epitome of perfection. If truth be told, none of us are.</p>
<p>However, I respect the prescripts of the Constitution and its consequences on how we enter, stay in and exit political office and Government.</p>
<p>There has been much speculation about how the President of the Republic should exit his or her office.</p>
<p>In my case, some have even dared to suggest that one’s perks and post-service benefits should determine how one chooses to vacate public office.</p>
<p>Often these concerns about perks and benefits are raised by the very same people seeking to speak as paragons of virtue and all things constitutional.</p>
<p>Some even suggest that the relevant constitutional provisions, sections 89 and 102, in terms of which the President should be removed from office, would constitute an embarrassment or humiliation.</p>
<p>For that reason, various suggestions are made to help leaders avoid this constitutional route of vacating political office without perks.</p>
<p>If we avail ourselves to serve in terms of the Constitution, we should be prepared, if needs be, and if those we serve deem it appropriate, to suffer the hardship that comes with our constitutional obligations.</p>
<p>Whether we lose our post-political office benefits, should not determine how we act in the time of our departure.</p>
<p>Nor did I agree to serve because there are no better cadres in the ANC and the country. Most importantly, I did not agree to serve in order to exit with perks and benefits of the Office of the President.</p>
<p>It is my Party that placed me before the representatives of the people in the National Assembly to be elected. It is my Party that availed me to serve on the basis of the Constitution as the supreme law of the land.</p>
<p>Make no mistake, No leader should stay beyond the time determined by the people they serve. Most importantly, no leader should seek an easy way out simply because they could not face life at the end of their term without the perks that come with their political office.</p>
<p>I do not fear exiting political office. However, I have only asked my party to articulate my transgressions and the reason for its immediate instruction that I vacate office.</p>
<p>This was important in view of the discussions I held with the President and Secretary General of the Party that were aimed at uniting our organization, the ANC.</p>
<p>It is indeed true that there was an agreement, that even if the need arises that I should vacate the office before the end of term, there is a need to have a period of transition, during which I would delegate some of the functions to the Deputy President of the Republic.</p>
<p>Of course, I must accept that if my Party and my compatriots wish that I be removed from office, they must exercise that right and do so in the manner prescribed by the Constitution.</p>
<p>I fear no motion of no confidence or impeachment, for they are the lawful mechanisms for the people of this beautiful country to remove their President.</p>
<p>I have served the people of South Africa to the best of my abilities. I am forever grateful that they trusted me with their Highest Office in the land.</p>
<p>But when I accepted the deployment, I undertook to subject myself to the supreme law of the land, the Constitution.</p>
<p>Ngithanda ukusho ukuthi kwizinkalo ngezinkalo lapho abantu bakithi bekhona, ngokuzithoba okungenamkhawulo kusemqoka ukunazisa ukuthi angidaze nkani okweselesele.</p>
<p>Kunjalo nje angexwaye kwehla esikhundleni sobuMongameli waleli lengabadi. Angingenanga emzabalazweni ngoba ngigaqele izikhundla.</p>
<p>Yinye nje into engiyicelayo kini sizwe sakithi, ukuthi nokho angiphume ngomgudu womthetho sisekelo okuyiwona engabekwa ngawo.</p>
<p>Angikwesabi ukulahlakelwa amalungelo nopoyinandi oza nesikhundla sobuMongameli.</p>
<p>Angingenelanga lezozinto kuhulumeni, kunjalo nje azithi shu lapha kimi.</p>
<p>Ngifuna kuphela ubulungiswa nokuhlonishwa komthetho sisekelo kanye namalungelo ami. Uma kwenzeke njalo, ngiyophuma ngokuzithoba nokuhlonipha.</p>
<p>Ngiyakholelwa ukuthi ngiwenzile owami umsebenzi enaningibekele wona. Uma kukhona la ngingenzanga kahle, bakwethu AKUKHO SOKA ELINGENASICI.</p>
<p>I also thank the citizens of South Africa for the privilege of serving as the President of the Republic since 2009. It has been an honour that I will cherish as long as I live.</p>
<p>I wish to thank members of Cabinet, Deputy Ministers and the whole of government, national, provincial and local, for the positive spirit and cooperative manner in which we all worked.</p>
<p>I also thank the other arms of state for the work we have accomplished.</p>
<p>I thank all political parties who are in parliament for their contributions in making our democracy strong.</p>
<p>I thank all stakeholders—business, labour, religious leaders, traditional leaders, youth, women’s groupings, the education sector and all others we have worked with over the years, united by the goal of moving South Africa forward.</p>
<p>I thank the international community for the cooperation.</p>
<p>I have also been disturbed by the instances of violence that have occurred because of the different views among members of our organization outside our headquarters, Luthuli House.</p>
<p>No life should be lost in my name and also the ANC should never be divided in my name.</p>
<p>I have therefore come to the decision to resign as President of the Republic with immediate effect.</p>
<p>Even though I disagree with the decision of the Leadership of my organization, I have always been a disciplined member of the ANC.</p>
<p>As I leave I will continue to serve the people of South Africa as well as the ANC, the organization I have served all my life.</p>
<p>I will dedicate all of my energy to work towards the attainment of the policies of our organization, in particular the Radical Economic Transformation agenda.</p>
<p>I thank you, ngiyabonga.</p>


SA President Jacob Zuma’s resignation statement

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<p>In the last few hours South Africa’s top investigators the Hawks have swooped on the compound of the controversial Gupta family in Saxonwold Johannesburg &#8211; the family with strong links to President Zuma.</p>


Hawks spokesperson gives update Gupta family arrests

<p class="MegaArticleBody_first-p_2htdt">South Africa’s parliament will hold a no-confidence vote against President Jacob Zuma on Thursday, speaker Baleka Mbete said, piling more pressure on Zuma, who has been ordered by the ruling ANC to quit as head of state.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-294186 size-full" src="http://cnbc.africa/wp-content/uploads/2017/12/Jacob-Zuma_GettyImages.png" alt="" width="850" height="565" /></p>
<div></div>
<p class="">The motion, brought the left-wing opposition Economic Freedom Fighters, has been brought forward from Feb. 22. The African National Congress said it would back the motion by adding amendments giving its own reasons for removing Zuma.</p>
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<p class="Attribution_content_27_rw">Reporting by James Macharia; Editing by Ed Cropley</p>
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Zuma no-confidence motion set for Thursday: South Africa parliament

<p>Heavily armed South African police raided the luxury home of the Gupta family on Wednesday as part of a probe into allegations the three brothers had corrupt links with President Jacob Zuma, who has been ordered by the ruling ANC to quit as head of state.</p>
<div id="attachment_119123" style="width: 1546px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-119123" class="wp-image-119123 size-full" src="http://cnbc.africa/wp-content/uploads/2017/04/shutterstock_337743437.jpg" alt="" width="1536" height="1024" /><p id="caption-attachment-119123" class="wp-caption-text">Photo: Shutterstock</p></div>
<p class="">The raid, which the state broadcaster said resulted in two arrests including one Gupta family member, came amid reports Zuma was preparing to tell South Africa he was stepping down after nine years in office dogged by scandal and economic stagnation.</p>
<p class="">Finance Minister Malusi Gigaba said Zuma would speak at 0800 GMT and satellite trucks were in position at Pretoria’s Union Buildings, the seat of the country’s government. Zuma’s office said there was no “official communication” of any impending address but urged media to wait.</p>
<p class="">The raid on the Gupta’s compound marks a dramatic escalation in the pressure on Zuma and the political faction around him accused of milking state resources for their own ends.</p>
<p class="">A dozen officers from the elite Hawks police unit sealed off a street leading to the Gupta home in Johannesburg’s upscale Saxonwold suburb. One officer blocked access to Reuters, saying: “This is a crime scene.”</p>
<p class="">Minutes later, an unmarked police van left the compound as residents applauded police officers and hurled abuse at security guards for the Guptas, who have been accused by South Africa’s top anti-corruption watchdog of influence-peddling and swaying the appointment of cabinet ministers.</p>
<p class="">“Finally something is being done about it. These guys must get out of our country. They must leave us alone. They have done enough damage,” said Tessa Turvey, head of the local residents’ association, standing outside.</p>
<p class="">On Tuesday, the ruling African National Congress (ANC) ordered Zuma to step down as president of the country, giving him no firm deadline but saying the party was sure he would comply and “respond” on Wednesday.</p>
<p class="">Zuma and the Guptas &#8211; a family of wealthy Indian-born businessmen &#8211; deny any wrongdoing.</p>
<p class="">A lawyer for the Gupta family said he could not comment on the raid because he had yet to see the search warrant.</p>
<p class="">Hawks spokesman Hangwani Mulaudzi said the raid was part of an investigation into allegations of influence peddling. The allegations are also the subject of a judicial inquiry on wider corruption dubbed “state capture” in local media.</p>
<p class="">“We’re not playing around in terms of making sure that those who are responsible in the so-called state capture, they take responsibility for it,” Mulaudzi said.</p>
<p class="">He declined to give details of what was seized or if the business premises of the Guptas, whose commercial empire stretches from mining to media, would also be raided, saying a full statement would be released later.</p>
<p class="">“DISCIPLINED MEMBER”</p>
<p class="">Signs of law enforcement mobilizing against the Guptas &#8211; and by association Zuma &#8211; caused the rand to strengthen 0.5 percent against the dollar. The currency has tended to gain ground on any sign of Zuma’s political departure approaching.</p>
<p class="">So far there has been silence from Zuma in response to Tuesday’s ANC order, suggesting a power struggle behind the scenes with new party leader Cyril Ramaphosa.</p>
<p class="">Besides his controversial relationship with the Guptas, Zuma has 783 counts of corruption outstanding against him relating to a multi-billion dollar state arms deal in the late 1990s.</p>
<p class="">Zuma’s spokesman could not be reached for comment.</p>
<p class="">ANC spokesman Pule Mabe told state broadcaster SABC that Zuma remained “a disciplined member of the ANC and would do what is best for a cadre of the movement”.</p>
<p class="">Besides the pressure from the ANC, Zuma is facing a no-confidence motion in parliament brought by the opposition Economic Freedom Fighters and set for Feb. 22.</p>
<p class="">The ANC could throw its weight behind such a vote if Zuma, who has survived several no-confidence motions in the past, refused to resign. The entire Cabinet would have to step down if such a vote went through.</p>
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<p class="Attribution_content_27_rw">Additional reporting by Tiisetso Motsoeneng in Johannesburg and Wendell Roelf in Cape Town; editing by John Stonestreet</p>
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Jacob Zuma

A new dawn is looming for SA in the next 5-10 years – Goldman Sachs

The end of an error – Zapiro

South Africa – Now for the hard part as ANC must step up

Zuma’s resignation was long overdue – FEDUSA

Despite optimism about new era for South Africa, a lot of work needs to be done

Surprising how quickly people consolidated against Zuma

No easy task ahead to root out corruption – Corruption Watch

Was Jacob Zuma’s economic legacy all that bad?

Nigerian view on South Africa’s economy after the Zuma administration

A new dawn for the banking sector – Cas Coovadia

Hard to reconcile Zuma’s SABC interview and the resignation speech

Zuma found himself backed into an inescapable corner

Late night for market watchers after Zuma’s resignation

SA President Jacob Zuma’s resignation statement

Hawks spokesperson gives update Gupta family arrests

Zuma no-confidence motion set for Thursday: South Africa parliament

South African police raid Gupta home, pressure cranks up on Zuma

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Jacob Zuma

A new dawn is looming for SA in the next 5-10 years – Goldman Sachs

The end of an error – Zapiro

South Africa – Now for the hard part as ANC must step up

Zuma’s resignation was long overdue – FEDUSA

Despite optimism about new era for South Africa, a lot of work needs to be done

Surprising how quickly people consolidated against Zuma

No easy task ahead to root out corruption – Corruption Watch

Was Jacob Zuma’s economic legacy all that bad?

Nigerian view on South Africa’s economy after the Zuma administration

A new dawn for the banking sector – Cas Coovadia

Hard to reconcile Zuma’s SABC interview and the resignation speech

Zuma found himself backed into an inescapable corner

Late night for market watchers after Zuma’s resignation

SA President Jacob Zuma’s resignation statement

Hawks spokesperson gives update Gupta family arrests

Zuma no-confidence motion set for Thursday: South Africa parliament

South African police raid Gupta home, pressure cranks up on Zuma

News Tips

Advertise With Us

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