Cyril Ramaphosa presidency inspires hopes

Cyril Ramaphosa has been elected as South Africa’s President in a parliamentary vote on Thursday (15.02.2018) after scandal-ridden Jacob Zuma resigned on orders from the ruling African National Congress.

South Africa’s main stock market index jumped nearly 4% putting it on track for its biggest one-day gain in more than two years as investors welcomed Zuma’s resignation after nine years in office plagued by corruption allegations.

South Africa’s main stock market index jumped nearly 4 percent, putting it on track for its biggest one-day gain in more than two years as investors welcomed Zuma’s resignation after nine years in office plagued by corruption allegations, Reuters agency reports.

However the question remains how Cyril Ramaphosa – the closest ally of plagued with corruption accusations Jacob Zuma, – will change the existing practices and put and “drain the swamp” if he has been for a part of the system.

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