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 party said that the central bank’s findings that the president did not violate exchange control regulations was unambiguous and definitive.
In a short statement, the ruling party further expressed satisfaction with the outcomes of the investigation.
The ANC said it hoped the reserve bank’s conclusion would bring an end to what they’ve called baseless accusations levelled against the president.