President Thabo Mbeki of South Africa has firmly rejected all suggestions of a political crisis while the Ministry of Safety and Security insisted that a police investigation into an alleged plot to overthrow the President would go ahead.
While the current instability was expected to deter potential investors in South Africa the economy got a major boost with the announcement of a record trade surplus of 3.78 billion rand (£425 million) for March of this year. For the first three months of the year the surplus reached 9.89 billion rand, almost double that for the same period in 2000.
Against this background Mr Mbeki's statement, that there was no political crisis and that he would continue to fulfil his engagements, has added a measure of stability that has been missing for almost a week.
South African politics has been in turmoil since the Safety and Security Minister, Mr Steve Tshwete, made a dramatic TV announcement that three leading politicians-turned-businessmen were under police investigation for attempting to over throw the President.
All three, Mr Cyril Ramaphosa, an arms inspector in the Northern Ireland peace process, Mr Tokyo Sexwale, a former premier of the Gauteng Region, and Mr Matthews Phosa, a former premier of the Mpumalanga Region, have denied the allegations.
While leading members of the African National Congress (ANC) have publicly stressed the unity of their party, in private they have expressed dismay at Mr Tshwete's action. Some have hinted he may have gone on a "solo run" without the approval of Mr Mbeki.
One member of the alliance formed by the ANC, the South African Communist Party (SACP) and the Congress of South African Trade Unions (Cosatu) described Mr Tshwete's action as "a public relations disaster".
He added that an interview by Mr Mbeki run on another channel at the same time had been totally overshadowed by Mr Tshwete's naming of the three men.
A leading ANC member said there seemed to be little reason to act against the alleged conspirators. Mr Mbeki was certain to win the party's leadership election in December, and therefore there was no reason to discredit any possible rivals.
The most serious allegation against the three men was that they may have been spreading rumours that Mr Mbeki was involved in the murder of the exceptionally popular SACP leader, Mr Chris Hani, in 1993. These rumours justified a police inquiry as they could put the President in danger, according to the Safety and Security Ministry.
