Cyril Ramaphosa elected as South Africa’s president, vows anti-corruption fight

President of South Africa Cyril Ramaphosa addresses MPs after being elected president in parliament in Cape Town, South Africa, February 15, 2018. REUTERS/Mike Hutchings

Vastavam web: Cyril Ramaphosa was elected as South Africa’s president in a parliamentary vote on Thursday and pledged to tackle endemic corruption after scandal-ridden Jacob Zuma resigned on orders from the ruling African National Congress.Ramaphosa faces an uphill battle in revitalising growth, creating jobs and stamping out a culture of graft in a nation still polarised by race and inequality more than two decades after the end of white-minority rule.Ramaphosa, in brief remarks to parliament ahead of his first state of the nation address expected on Friday, said he would work hard “not to disappoint the people of South Africa”.

“The issues that you have raised, issues that have to do with corruption, issues of how we can straighten out our state-owned enterprises and how we deal with state capture (influence-peddling) are issues that are on our radar screen,” he said.South Africa’s main stock market index jumped by as much as 5 percent on Thursday, heading for its biggest one-day gain in more than three years, on hopes that Zuma’s exit will pave the way for new leaders to quicken the pace of economic growth.

The rand currency remained on the frontfoot too, soaring to its firmest level since early 2015.Investors hailed Zuma’s departure after nine years in office rife with allegations of sleaze and economic mismanagement.