jacob zouma was speaking talking about the formation of his party. the a.n.c. has battled corruption scandals. we have this report. >> reporter: south africa's governing national congress is under pressure. the rarned rand, the currency i falling. jacob jacob zuma promised to acknowledgement. >> there are roots in the vast tracks of land, stran from the indigenous people of south africa. the land, forms of levels and support from imaging farmers must be dramatically accelerated. >> he said the national minimum wage will be introduced. after large protests, the governments said it will not raise tuition and registration fees. it may apiece people that are frustrated. his decision to fire two finance minister in less than a week is blamed for the underperforming rand. >> we are talking about a fall in the rand of 10%. it's an estimate of 28 billion worth of financial assets worked out in two days as people withdrew, investors withdrew money. >> it could be a challenging year for africa's oldest movement. >> the fires indication is the legal government elections.

>> well, president jacob zouma is currently talking. he's there, under a lot of pressure because of the economy, which is not doing very well. the local currency is about 16 ran to the dollar. it could rise to 20 rans a dollar. the poor and frustrated, they hope the president outlies a plan, a plan to discuss the economy. it will be a tough year for the a.n.c. it will be the first test for the a.n.c. going up against strong opposition parts. the a.n.c. cannot afford to lose p platers. right for vittoria, and admits the a.n.c. could be in trouble. and he is trying to get as many people to listen to him. to understand that the economy will recover. but people are doubt. eful and are struggling -- doubtful and are struggling to make ends meet. we'll come back to you >>> coming up after the break on the al jazeera newshour. gent riffication comes to the neighbourhood. and we meet those hoping to include bangladesh's record. in sport, the world number one starts the new year in peak form. all the action from the tournament. please stay with