More than a third of South Africa's cabinet stepped down on Tuesday after President Thabo Mbeki resigned, deepening the biggest political crisis since the end of apartheid. The list of resignations included respected Finance Minister Trevor Manuel, immediately shaking markets, but they recovered when his office said he was prepared to serve under a new president.
In Washington, Manuel said leaders of the ruling African National Congress (ANC) had asked him to stay in his job and he was happy to serve a new president. "I am happy to serve a new head of state," Manuel told a hastily convened press conference. Manuel said he had spoken to ANC President Jacob Zuma and his deputy Kgalema Motlanthe, who is expected to take over as head of state until next year's election, and they had asked him to remain as finance minister.
The resignation of 10 ministers and the deputy president out of a cabinet of 30 followed Mbeki's decision on Sunday to step down after the ANC withdrew its support for him. The resignations as a whole are likely to raise investor fears of political instability in Africa's biggest economy. ANC Secretary-General Gwede Mantashe said six ministers who have resigned have not indicated whether they would serve under the new president.
The demise of Mbeki was the climax of a long and bitter battle with Zuma - who toppled him as ANC leader in December - which has seriously split the formerly monolithic party.
Parliament is expected to appoint Motlanthe as interim president on Thursday until a general election next year which Zuma is widely expected to win. Mbeki's resignation followed accusations - which he denies - of meddling in a long running graft case against his rival. Central bank governor Tito Mboweni will stay on, his spokeswoman said.
Zuma has tried to reassure foreign investors he would not bow to pressure from leftist union allies to shift away from business-friendly policies. He has made clear his backing for Motlanthe and pledged on Monday that the party would ensure a smooth transition and unchanged economic policy.
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