Cape Town - The President of the South African Chamber of Commerce in the United States, Neil Diamond has expressed grave concern at the independent panel’s' findings against President Cyril Ramaphosa in the Phala Phala theft saga.
The Chamber's Neil Diamond cautioned that political stability was a core pillar of the South African economy and that a possible resignation by Ramaphosa would have devastating implications.
The independent Section 89 panel appointed by Parliament and chaired by retired Chief Justice Sandile Ngcobo found that President Cyril Ramaphosa may have a prima facie case to answer for not reporting the theft of foreign currency from his Phala Phala farm in Limpopo.
The Section 89 Independent Panel found preliminary evidence that Ramaphosa may have violated his oath of office and should face further scrutiny.
Speaking to SABC News, Diamond said that a looming Ramaphosa resignation would have a negative impact on the country's economy, and it would send the Rand on a downward spiral.
"There's no scenario where the president's resignation could have any positive impact for South Africa or our economy, it could definitely destroy investors' confidence and foreign direct investment,“ he said.
He said there was grave concern about the impact on South Africa’s economy amid a looming global recession, and given the fact that South Africa had just emerged from the Covid-19 pandemic.
“We compete in a peer of group of countries in the emerging economies and this will put South Africa at the back of the pack when investors look at our country," Diamond said.
He said that they would like to see any emerging new leader to have political credibility, an ability to instil political confidence but at the same time make investors comfortable that the economy was in good hands, and continue the trajectory of anti-corruption whilst rebuilding the economy.
"We need someone who will be able to re-establish investor relations with the international community, and losing a president is almost like losing the head of the body which has a devastating impact, and we need to ensure that the body is kept alive with confidence as soon as possible," he added
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