South African Deputy President Cyril Ramaphosa was elected leader of the African National Congress on Monday in a close-run vote that will set the direction for the country and the scandal-plagued party that has ruled since the end of apartheid.
As ANC leader, Ramaphosa, a 65-year-old union leader who became a businessman and is now one of South Africa’s richest people, is likely to become the country’s next president after elections in 2019.
He has promised to fight rampant corruption and revitalize the economy, a message hailed by foreign investors.
Jacob Zuma’s presidency, tainted by corruption and scandal, has badly tarnished the ANC’s image both at home and abroad. The party once led by Nelson Mandela is now deeply divided.
Ramaphosa narrowly beat Nkosazana Dlamini-Zuma, 68, a former cabinet minister and Zuma’s ex-wife, in Monday’s vote, marking a pivotal moment for the ANC which launched black-majority rule under Mandela’s leadership 23 years ago.
He smiled and hugged other party officials as the results were read out. Zuma sat stoney-faced as Ramaphosa’s victory was announced.
Political instability, including the questions over who would replace Zuma, has been cited by credit rating agencies as a big factor behind their decision to cut South Africa to “junk”.
Economic growth in Africa’s traditional powerhouse has been lethargic over the last six years and the jobless rate stands near record levels.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.