Cyril Ramaphosa impeachment fears averted. members of Parliament vote to not impeach.

The last few weeks have been nothing but political turmoil for the sitting President Cyril Ramaphosa as the Phala Phala scandal gave the opposition party ammunition to demand the impeachment of President on ground of criminal wrongdoing. After a number of reports and discussions on the matter, Parliament finally voted to not impeach the president . How has this decision reflected on the ZAR and what can we expect moving forward.

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Yesterday the Zar experienced quite a lot of volatility thanks to the verdict to not impeach Cyril Ramaphosa. This decision implies a number of possibilities for the future economy of South Africa and the possible reelection of Cyril Ramaphosa in 2024. Firstly there were a number of ongoing international partnerships and investments negotiated by the promises made by Cyril Ramaphosa. Those ongoing commitments faced uncertainty as it was not guaranteed that the next sitting President would honor these agreements to the competence demonstrated by Cyril Ramaphosa. There was also an uncertainty towards the future of the country as there was no current candidate available who demonstrated political and leadership skills to take over the stead left by the Ramaphosa if he were to be impeached. All these challenges reflected in the market at the rand has been facing a lot of volatility over the past few weeks as the investigation unfolded.

Firstly the President was asked if he was to resign by his own accord. He chose not to and hence the matter was taken up to Parliament to decide. After looking over the gathered evidence and the reports members of Parliament voted not to impeach the president. This decision allows us to say with certainty that the sitting President will complete his term in office. Although the issue is big now he may be able to still run for reelection in 2024 as in two years the political atmosphere may be different.

What to do as a trader.

We can look towards the rand growing stronger after this announcement as the ongoing investment partnerships are no longer under attack. There may be further proceeding on this issue but for the most part we can expect the rand to soon loose it's current volatility and return to normal.