Thousands of protesters are marching across cities in South Africa calling for President Jacob Zuma to be removed.
Speaking at the annual Chris Hani Wreath Laying Ceremony in Elspark in Boksburg on Monday, Zuma said the marches demonstrated that racism is real and exists in the country.
Leaders of the African Christian Democratic Party, African Independent Congress, African People's Convention, Congress of the People, Agang SA, Democratic Alliance, Economic Freedom Fighters, Inkatha Freedom Party and the United Democratic Movement announced at a press conference on Monday in Tshwane to hold the "National Day of Action" protest on Wednesday.
The controversy in South Africa's political sphere intensified after a cabinet reshuffle saw the sacking of Finance Minister, Pravin Gordhan, leading to a drop in South Africa's credit rating.
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Protesters in the capital later marched to the seat of government, the Union Buildings, waving placards that read: "South Africa is not for sale".
That decision resulted in South Africa's credit rating being downgraded to junk status to Standard & Poor's. The country turned to democracy after white minority rule ended in 1994 with the country's first all-race vote and the election of Nelson Mandela as president.
About 7,000 people marched in the coastal city of Durban, the main city in the KwaZulu Natal province, an ANC stronghold.
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Analysts said Zuma remains in favour in rural areas, contrasting with his waning popularity in urban quarters.
President Jacob Zuma says that the nation-wide marches against widespread corruption that has taken hold of government under his leadership were racist, adding that racists have become more emboldened.
Zuma reiterated plans to transform the economy to include more black people, who, he said, were passed up for promotions and had lower salaries than white people doing the same jobs.
ANC supporters came out in defence of Zuma, saying they would protect the president.
His removal of Gordhan unleashed a fresh bout of criticism, as many South Africans and global investors saw the former minister as someone who fought corruption.
Employees in the hospitality sector in Sandton use their lunch break to protest against Zuma.
In his address at the memorial, Zuma made no mention of any of the claims made against him, instead focusing purely on what he deemed to be racial elements.
Zuma, 74, will face a no-confidence motion in parliament on April 18 sponsored by opposition parties.
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