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Cyril in a headscratcher over new Cabinet

24 Février 2018

Ramaphosa has said that there will be massive government cuts in terms of staff and exactly what that holds for each department and how that will be done is anyone's guess.

Cyril Ramaphosa, a former businessman, is enjoying the immediate confidence of markets that "think it's good for the economy", according to Ken Swettenham, a financial analyst for Liberty Life Insurance Company.

The Cape Town and Western Cape's official tourism, trade and investment promotion agency (Wesgro) has welcomed President Cyril Ramaphosa's announcement that he will be organising an investment conference in the next three months to target both domestic and worldwide investors. In 2016, after South Africa's top court found he had violated the constitution by failing to pay back public funds spent on his private rural estate, Mr Zuma announced a prime-time broadcast to the nation.

Who is Cyril Ramaphosa, South Africa's New President? But, if Ramaphosa is allowed to transform the country, the long-term implications will be positive.

This is largely a reaction to the extreme unpopularity of Zuma, who presided over economic decline and rising poverty levels, and is now facing the potential reinstatement of corruption charges related to an arms deal.

Brand South Africa's CEO, Dr Kingsley Makhubela said: "A new era has dawned upon South Africa, it is time for South Africans to collectively rise to its challenges and move the country forward". Two weeks ago, we were expecting to be addressed by the NEC but they did not pitch.

On Thursday, Ramaphosa was elected as South Africa's fifth post-apartheid president by MPs in Parliament and was duly sworn in later the same day.

While it was the ANC that sacked Mr Zuma, it was South Africa's mighty institutions of democracy that forced the ruling party's hand. Zuma himself could face prosecution, if the new government decides to pursue it; that will be an important early decision for Ramaphosa. However, the impact of the measures on overall growth is likely to be relatively modest and passing more substantial reforms could remain challenging.

The dollar rose further after this week's US Federal Reserve minutes revealed confidence in the economy and raised the prospect of interest rates increasing more than previously thought‚ Dow Jones Newswires said.

The Congress of South African Trade Unions, of which Ramaphosa was a co-founder in 1985, has cited that priority for water distribution must not be administered by the still-white-dominated agricultural sector.

Ramaphosa "has made some bland, very nice sounding statements about what he is going to do, but the proof is in the eating of the pudding", said opposition Democratic Alliance's shadow finance minister Alf Lees.

Cyril in a headscratcher over new Cabinet