The panel concludes that the president may have committed misconduct. Ramaphosa has denied wrongdoing, and the ANC executive will meet on Friday to discuss the findings.
Rand and bond prices are falling amid speculation that Ramaphosa may resign. Cyril Ramaphosa's future as South Africa's president was called into question on Thursday.
Ramaphosa's future is in jeopardy due to the 'farmgate' scandal in South Africa
This came after he announced that he was weighing his options in light of the evidence. He indicates that he may have engaged in improper behavior with money taken from his game farm.
The report's focus by an expert panel chosen by the speaker of parliament was the allegation that thieves had allegedly stolen millions of dollars in cash from the millionaire president's Phala Phala game farm in 2020 and had only recently been discovered in June.
The theft has caused people to wonder how Ramaphosa, who won the election on a platform of fighting corruption, got the money and whether he disclosed it.
According to the president, the proceeds from the sale of video games were stolen, and he said he immediately reported the crime after learning about it.
As a result, he was cleared of all charges and has consistently denied any wrongdoing. But, according to his spokesman, Ramaphosa was still consulting on the report's recommendations and had "all options on the table."
He apologized for earlier remarks that hinted that Ramaphosa might make a statement on Thursday. Around 40 al-Shabaab fighters reportedly died in clashes, according to Somalia.
Due parole of an apartheid killer inflames long-buried resentment in South Africa. The Phala Phala farmgate scandal plagues Ramaphosa of South Africa.
In response to rumors that Ramaphosa would resign from his position, the rand dropped more than 4% against the dollar before losses were pared.
The Democratic Alliance, the largest opposition group in the nation, has demanded early elections, and theAfrican National Congress (ANC), which is in power, is in a crisis due to the report.
Ramaphosa's attempts to restore investor confidence in Africa's most developed economy are also jeopardized by the ten years of corruption scandals under former president Jacob Zuma.
The ANC announced that its executive committee would now meet on Friday morning instead of Thursday to discuss the panel report.
In an interview, South Africa's foreign minister Naledi Pandor described the panel's report as "a very troubling moment," and two cabinet members demanded Ramaphosa's resignation. The incident is known as "farmgate" in the media.
RETIRANCY CALLS
Ramaphosa's eligibility to run for re-election in 2024 on the ANC ticket will be decided at an elective conference later this month, which the ANC will hold. A tweet late Wednesday says that the president has to step down n now and answer the case.
This was by Nkosazana Dlamini-Zuma, Zuma's ex-wife who narrowly lost the ANC leadership election to Ramaphosa in 2017. The tourism minister and ANC candidate Lindiwe Sisulu wrote, "CR MUST RESIGN NOW."
According to a statement from parliament, before appearing in front of lawmakers on Thursday to answer their questions, Ramaphosa requested time to plan the next course of action carefully.
Legislators who will discuss the report on December 6 are not required to follow the panel's recommendations. This is because the ANC holds the majority of seats in the assembly.
The next step would be to form an impeachment committee, which would have much more authority than the panel of experts chosen by the speaker, including the ability to subpoena witnesses.
That committee would have the authority to recommend that Ramaphosa be removed from office, and parliament would then be required to act on that recommendation.
