Ramaphosa, Phala Phala: ANC Welcomes SARB Findings

The African National Congress (ANC) has welcomed findings by the South African Reserve Bank (Sarb) following investigations into President Cyril Ramaphosa’s Phala Phala farm saga.

On Monday, the central bank announced that there was no legal obligation for Ramaphosa to declare foreign currency under the exchange control regulations.

This relates to the 2020 theft of undeclared foreign currency at his Phala Phala farm in Limpopo.

While opposition parties have rejected the reserve bank’s findings, the ANC is breathing a sigh of relief following President Ramaphosa’s vindication.

The central bank’s conclusion that the president did not break exchange control laws, according to the party, was clear-cut and conclusive.

The ruling party also conveyed its pleasure with the investigation’s findings in a brief statement.

The African National Congress expressed its optimism that the Reserve Bank’s ruling will put a stop to what they have described as unfounded allegations made against the president.