Cyril Ramaphosa was elected President of South Africa by parliament on Thursday after Jacob Zuma resigned overnight, heeding orders of the ruling African National Congress to bring an end to his nine scandal-plagued years in power.
Ramaphosa, 65, has put the focus on rooting out corruption and revitalising economic growth.
South Africa’s main stock market index jumped nearly 4 per cent, 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.
The rand, which has gained ground whenever Zuma hit political turbulence, soared to a near three-year high against the dollar on word of his resignation.
The road back to prosperity and self-respect under Ramaphosa, who became ANC head in December, will be long and hard in a nation still polarised by race and inequality more than two decades after the end of white-minority rule.
Still, Zuma’s departure late on Wednesday provided evidence of the strength of South Africa’s democratic institutions, from the courts to the media and the constitution.
The 75-year-old Zuma said in a 30-minute farewell address to the nation he disagreed with the way the ANC had thrust him towards an early exit after Ramaphosa replaced him as party president, but would accept its orders.
“Defiant in defeat” and “Going, Going, Gone” were among the newspaper headlines that captured Zuma’s reluctance to leave.
“South Africa’s long nightmare is over,” read the headline from online political news website Daily Maverick.
NAN reports that experts said Ramaphosa, president, is likely to face a number of challenges in reforming the country’s economy and political system while in office, experts said.
