JOHANNESBURG: The governing African National Congress (ANC) of South Africa has been scrambling to restore investor confidence amid fears of deep rifts within the party, following confusion over an announcement that around half the Cabinet had resigned.

Analysts and opposition leaders warned of a damaging governmental crisis after the announcement by ousted president Thabo Mbeki on Tuesday.

But ANC secretary-general Gwede Mantashe later said five of the 13 ministers and three deputies who had quit the 28-member Cabinet would join the next government if asked.

Those said to be willing to stay on included the architect of the country's economic success, Finance Minister Trevor Manuel.

Mr Mbeki was driven from office by the ANC over the weekend, after a judge found he may have interfered in a corruption case against his political rival within the ANC, party leader Jacob Zuma.

Tuesday's resignations were seen as a rebuff to Mr Zuma, who is expected to run for president next year and who has asked all Cabinet ministers to stay.

The resignation of Mr Manuel, who later indicated he would stay on in the next government, caused a sharp dip in the rand, although it later recovered slightly.

Financial analysts said the on-off resignations had caused confusion and, at times, panic. Others said the resignations, coming at a time of global financial instability, were mishandled and indicated the serious divisions remaining in the ANC.

LOS ANGELES TIMES, ASSOCIATED PRESS, AGENCE FRANCE-PRESSE