Cape Town – The rand weakened on Monday, as South Africans awaited the announcement of a Cabinet reshuffle announcement by President Cyril Ramaphosa.
Ramaphosa is expected to fill vacant positions in his executive, including that of deputy president at 19:00 on Monday. This was confirmed by presidential spokesperson Vincent Magwenya on Sunday.
According to Reuters, at 0642 GMT, the rand traded at 18.1750 against the dollar, 0.19% weaker than its previous close.
ETM Analytics said in a note that investor sentiment towards South Africa remains poor, which is reflected in the rand’s underperformance in comparison with other emerging market currencies this year, the report said.
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“There is no clear indication that this will change in the short term, although the rand may receive a minor bump higher if Ramaphosa shrinks the size of his cabinet,” the report quoted ETM as saying.
A Cabinet reshuffle has been on the cards since Ramaphosa was re-elected leader of the ANC at the party’s 55th National Elective Conference at the Nasrec Expo Centre in December.
Ramaphosa is expected to name a new deputy president after David Mabuza resigned from the post on Wednesday. The new position of electricity minister is also among the roles to be filled.
The president announced plans to appoint a minister of electricity during his State of the Nation Address (SONA) last month.
The minister will oversee all aspects of the electricity crisis response, including the work of the National Energy Crisis Committee.
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Compiled by Betha Madhomu
