Not so smoothly
decision to accord the order of the boot to President Thabo Mbeki and the subsequent resignation of the Deputy President, 10 ministers and three deputy ministers added fuel to the financial market’s flames. There wasn’t much market response to Mbeki’s announcement initially but after the resignations it immediately fell by 2%. Trevor Manuel’s announcement that he’d remain in the government eased the panic. THE CITIZEN said of all the candidates the ANC could choose as president until the next election, Kgalema Motlanthe would make the most sense. Business Report said Motlanthe’s appointment would send a strong message to the market, including that there would be no radical policy changes. The Weekend Argus said the ANC must do something about people who tarnish its image, such as youth leader Julius Malema.