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.
South Africa’s ruling African National Congress (ANC) has formally asked President Jacob Zuma to resign, according to senior party officials.
The decision to “recall” him “urgently” followed ANC marathon talks on the issue.
Mr Zuma, 75, agreed to step down, but only in the next three to six months, the official added, fueling a suspicion he is maneuvering in attempt to win time, postponing his departure.
Mr Zuma, who has been in power since 2009, has been dogged by corruption allegations. Current crisis is not the first one in his long political career, until present Mr.Zuma has been able to overcome all of them, and stayed as the head of state. Life at brink became his modus vivendi, further degrading the situation in the country lacking genuine political leadership and vision of future.
President of African National Congress (ANC) Cyril Ramaphosa has described ruling party as the parliament of the people of South Africa, saying ANC leaders will ensure they safeguard and nurture the heritage given to them by their forebears.
“As we take the ANC into an era of unity, an era of renewal, an era of service to the people of our country. We take this opportunity to reaffirm the ANC’s commitment to the values and the principles to which so many of our legends dedicated their love.”
“South Africa is open for investment,” he told tens of thousands of cheering ANC members in a stadium in the Eastern Cape province on Saturday. Through foreign investment “we can grow our economy, create jobs, end poverty,” Ramaphosa ensured.
Ramaphosa (65) a former trade union leader and one of the country’s wealthiest businessmen with personal fortune of USD450 (Forbes) pledged during his campaign for ANC leader to address record unemployment and a sluggish economy. South Africa’s unemployment rate came in at 27.7 percent in the third quarter of 2017, the same as in the previous two quarters and remaining the highest rate in 13 years. The number of unemployed rose to 6.21 million. (Image below: social networks #Soweto slums).