ANC statement on the SARB Phala Phala report

21 August 2023

The African National Congress welcomes and notes the South African Reserve Bank report concerning a transaction that took place on President Cyril Ramaphosa's private farm.

The determination by the South African Reserve Bank that President Cyril Ramaphosa did not violate any Exchange Control Regulations is unambiguous and definitive. The African National Congress expresses its satisfaction with this conclusion and anticipates that all baseless accusations will be dispelled.

The process followed with subsequent findings by the Reseve Bank vindicates our view that South Africa is a robust democracy with resilient oversight and regulatory institutions.

Issued by Mahlengi Bhengu-Motsiri, ANC National Spokesperson, 21 August 2023