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Farmgate scandal: Rand value tumbles as Ramaphosa presidency hang in the balance

CAPE TOWN – CYRIL Ramaphosa’s future as South African president hung in the balance on Thursday, as his office said it was about to make an announcement a day after a panel report found preliminary evidence he may have committed serious misconduct.

The inquiry centred on the alleged theft of millions of dollars of cash from the millionaire president’s Phala Phala game farm in 2020, which came to light in June and has been dubbed the “Farmgate” scandal.

The theft has raised questions about how Ramaphosa, who came to power on the promise to fight graft, acquired the money and whether he declared it.

The president has denied any wrongdoing and has not been charged with any crimes.

The rand fell more than 4% against the dollar before paring losses, and South Africa’s sovereign dollar bonds dropped sharply on speculation Ramaphosa would leave his post.

Source: Reuters

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