FX.co ★ South African Rand Slightly Weaker

The South African rand weakened slightly, trading at approximately 17.1 per USD, as investors concentrated on the African National Congress's (ANC) four-day National General Council (NGC) amid rumors of attempts to dethrone President Cyril Ramaphosa. With local government elections expected as soon as next November, the ANC is convening to evaluate its recent performance. Criticisms have been directed at the party for the sluggish implementation of economic reforms while voter dissatisfaction grows due to its inability to deliver essential services like water and sanitation. During the NGC on December 8, President Ramaphosa delivered a decisive speech, urging members to eliminate internal divisions and cautioning against factional disputes that are undermining the party’s strength. On a more positive note, South Africa successfully raised ZAR 11.8 billion through its first infrastructure-bond sale, indicating robust investor interest and representing a significant move towards securing long-term financing crucial for spurring economic growth.