ZeroHedge: South Africa is facing deep political turmoil and corresponding uncertainty across markets amid growing calls for President Cyril Ramaphosa to step down over an emerging bizarre scandal centered on the alleged theft of $580,000. The over half million in cash was literally found stuffed in a sofa at a farm that Ramaphosa owns. The timing of the crisis couldn’t be worse given long-awaited economic reforms had only just begun to take shape and improve the country’s outlook.
The mysterious cash payment has sparked outrage particularly among the opponents of the ruling African National Congress, and with his allies holding emergency consultations. On Thursday South African media is reporting President Ramaphosa is to imminently address the nation as prospect for his resignation grows, and as he faces impeachment. MORE