Rand firms as investors wait to see if Jacob Zuma will go

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South Africa is set to have a new leader as the African National Congress (ANC) prepares to kick out President Jacob Zuma in a no-confidence motion.

The decision by the ANC, the party once led by Nelson Mandela, to announce the "recall" of Zuma was the culmination of a marathon meeting that stretched into the early hours of Tuesday morning.

ANC secretary general Ace Magashule told reporters Wednesday he and ANC president Cyril Ramaphosa met with Zuma early Tuesday.

Zuma's hold over the ANC was shaken in December when his chosen successor - his former wife Nkosazana Dlamini-Zuma - narrowly lost to Ramaphosa in a vote to be the new party leader.

On February 6, the much-anticipated annual presidential speech to Parliament that is typically half policy and half political theatre was postponed due to the tense stand-off between Zuma and his party's leadership.

Besides his controversial relationship with the influential Guptas family, Zuma has 783 counts of corruption outstanding against him relating to a multi-billion dollar state arms deal in the late 1990s. Spokesmen for both the presidency and the ANC remained unavailable for comment.

The ANC had previously supported Zuma through several periods of scandal.

A senior ANC official told Reuters the party has chose to "recall" Zuma - ANC-speak for "remove from office".

As media crews gathered outside the Union Buildings in Pretoria, his office said: "The media is advised that no official communication has been issued by the Presidency on a media briefing today by President Jacob Zuma as reported by media houses".

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Just removing Zuma will make no difference unless there is far more fundamental change.

"The NEC of the ANC has chose to recall President Zuma and the deadline is today".

More recently, the country's anti-corruption watchdog wrote in a 2016 report that the Gupta family, billionaire friends of Zuma, had used links with the president to win state contracts.

"One of Zuma's sons works for the Guptas, as do the children of other high ranking officials".

South African media is calling President Zuma's seemingly inevitable exit "Zexit".

"I have disagreed with a decision that is taken", he said.

Late past year, South Africa's top court ruled that he violated the constitution when he paid for multimillion-dollar upgrades to his private home with state funds.

South Africa's "Teflon President" Jacob Zuma has brushed off an extraordinary number of corruption allegations and scandals in his eight years in office.

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