Ramaphosa elected president of South Africa

From Reuters - February 15, 2018

CAPE TOWN (Reuters) - Cyril Ramaphosa was elected as South Africas president in a parliamentary vote on Thursday after scandal-ridden Jacob Zuma reluctantly resigned on orders from the ruling African National Congress.

South Africas main stock market index jumped nearly 4 percent, putting it on track for its biggest one-day gain in more than two years as investors welcomed Zumas resignation after nine years in office plagued by corruption allegations.

The rand, which has gained ground whenever Zuma ran into political turbulence, soared to a near three-year high against the dollar on word of his resignation.

But 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 polarized by race and inequality more than two decades after the end of white-minority rule.


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