Following heightened pressure from within his own party, Jacob Zuma has agreed to step down as South Africa’s president.
In a televised statement, Zuma promised to resign with immediate effect but he said that he disagreed with the ANC’s decision.
Following negotiations with the current ANC leader, Cyril Ramaphosa, Zuma was left with no choice but to resign or face a vote of no confidence in parliament. Zuma’s tenure as president since 2009 has been marred by a series of allegations involving corruption against him and his family.
In response to the resignation, the rand jumped to its highest level since January 2015, a clear signal of growing investor confidence in the country.