SAfrica’s new president vows fight vs corruption

CAPE TOWN: Cyril Ramaphosa, a former anti-apartheid activist turned businessman, was named South Africa’s president on Thursday (Friday in Manila) and immediately reference to accusations leveled at his predecessor Jacob Zuma.

Tainted by scandal, Zuma resigned on Wednesday following intense pressure from the ruling African National Congress (ANC) that he had dominated for his nine years in power.

“Issues to do with corruption, issues of how we can straighten out our state-owned enterprises and how we deal with ‘state capture’ are issues that are on our radar,” Ramaphosa told lawmakers in parliament.

“State capture” refers to the alleged corruption of government institutions and state-owned businesses by Zuma’s associates.

“Tomorrow we will also have an opportunity to outline some of the steps we are going to be taking,” he said.

ANC lawmakers celebrated his appointment with songs, dancing and a standing ovation.

Ramaphosa, a hugely wealthy former entrepreneur, will deliver to parliament in Cape Town on Friday evening.

After multiple corruption scandals,

South Africa’s new president Cyril Ramaphosa (R) holds up his right hand as he is sworn into office by South Africa’s Chief Justice Mogoeng Mogoeng after being elected by the Members of Parliament at the Parliament in Cape Town. economic slowdown and falling popularity among voters, the ANC had threatened to oust Zuma via a

Hours before his resignation, Zuma said he had received “very unfair” treatment from the ANC, which he joined in 1959, spending decades in

He said he was angry over the way in which the decision had been carried out “as there is no evidence of if I have done anything wrong.”

Zuma, 75, has been locked in a divisive power struggle with Ramaphosa, his deputy who won control of the ANC in December.

The political turnaround saw benchmark South African stocks scoring their biggest gains since June 2016 following news that the pro-business reformist would be taking the helm.

The FTSE/JSE Africa All Share Index rose as much as 2.7 percent, while the rand, already the world’s best-performing currency over the past three months, rose 0.4 percent to 11.6667 per dollar.

“Ramaphosa’s arrival in the presidency will be met by a surge - dence over the coming weeks in anticipation of his reform agenda,” said the London- based Eurasia consultancy group.