Exclusives

Cyril Ramaphosa succeeds Zuma as South African president

by Endurance Okafor

February 15, 2018 | 1:15 pm
  |     |     |   Start Conversation

Cyril Ramaphosa the current president of South Africa was sworn in as the president of Africa most industrialised nation in the national parliament in Cape Town, the country’s Capital on Thursday February 15 2018.

Ramaphosa automatically became the acting president of the country on 14 February 2018, after the embattled former president, Jacob Zuma was pressured to resign on Wednesday.

The former president of South Africa was under intense pressure from his own Africa National Congress (ANC) party, to step down or face a vote of no-confidence in parliament.

Zuma agreed to quit his position as the president through a televised statement but disagreed with his party’s decision, although he is faced with numerous corruption allegations which he denies.

Ramaphosa has said his priority is to revive South Africa’s battered economy, following low growth rates and dwindling investor confidence compounded by S&P Global Ratings which cut South Africa’s local-currency debt score to junk in November 2017, with Moody’s Investors Service also threatened to slash its ranking to the same level, raising the risk of a selloff from global indexes and the country’s unemployment rate which is currently at almost 30 percent, a rate which rises to nearly 40 percent for young people.

The markets appeared to welcome the new president, as the South African currency, the rand, reaching its strongest levels in three years – at 11.6570 rand for $1 in early trading.

The newly elected president was detained in 1974 and 1976 for anti-apartheid activities; he was also the Chairman of committee which prepared for Nelson Mandela’s release from prison in 1990.

Had hoped to succeed Mandela as president but Thabo Mbeki was chosen instead, The information gathered shows that the current president was upset at not having been chosen by Nelson Mandela as his successor that he left politics and went into business. But Ramaphosa’s dream is now a reality, as he has been given the opportunity to run the affairs of the nations.

 

Endurance Okafor

Tags:

by Endurance Okafor

February 15, 2018 | 1:15 pm
12893  |   93   |   0  |   Start Conversation

Big Read |  

Analysis
Does Conoil need a makeover?

Does Conoil need a makeover?

One of Nigeria’s oldest company, Conoil Plc is looking like a company in need of a game changer as its...

MTN Felele