South Africa is experiencing renewed hope and a sense of optimism as its new President Cyril Ramaphosa was sworn in yesterday, 15 February 2018.
This follows a period of political uncertainty in the country and marks the end of the term of Jacob Zuma, who resigned following much pressure from the ruling African National Congress on 14th February 2018. Jacob Zuma’s term as president was marred by scandal and allegations of corruption.
There will be challenging times ahead for President Ramaphosa, as he works to restore investor confidence in the ailing South African economy and rebuild state institutions.
Citizens of South Africa have expressed optimism that Ramaphosa’s steady hand and political experience is what the country needs to stamp out corruption and rebuild the economy.
Ramaphosa, a former union leader, has promised to fight corruption and focus on building the confidence of foreign investors. He will deliver a closely watched speech, the state of the nation address, today Friday, 16 February when all eyes will be on the new President as he lays out his plans for the future of South Africa.
The Rand has already showed significant gains on the back of this news, and is now trading at 11.60 to the dollar, firming nearly 16% compared to rates of around ZAR14 per Dollar towards the end of 2017.
There is pressure on Ramaphosa to get rid of incompetent cabinet ministers, as it is expected he will make changes to his cabinet in the coming days.
“Intouch Relocations joins the country in wishing President Cyril Ramaphosa strength and courage as he takes on the enormous task ahead – turning our economy around to create growth, employment opportunities for all our people, rooting out corruption, prioritising quality education, creating a caring society with adequate social services and healthcare for the poor, plus so much more to steer our beautiful country to fulfil its promise.” – Corallie Pringle, CEO, Africa