More than a third of Thabo Mbeki’s cabinet has followed his lead and resigned from their posts in South Africa, in what has unfolded to become one of the most momentous moments in South African political history.
In all, 10 ministers and the deputy president out of a cabinet of 30 resigned from their posts, including respected Finance Minister Trevor Manuel. A major financial crisis was narrowly averted after Manuel said he would serve under a new president. Central bank governor Tito Mboweni announced he will also stay on, in an effort to allay market fears.
In an effort to smooth the chasm that has erupted between the ANC and the South African government, ANC leader Jacob Zuma has made clear his backing of deputy ANC head Kgalema Motlanthe as interim president, and pledged on Monday that the party would ensure a smooth transition and unchanged economic policy.
While the ANC currently hold a 70% hold on South Africa’s parliament, political pundits are predicting that by 2014, the ANC won’t even have a majority.
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