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    Cyril Ramaphosa sworn in as 5th South African president

    Cyril Ramaphosa has been sworn in as the new president of South Africa. The former trade unionist was sworn in on Thursday as the country’s fifth president.

    He took office after Wednesday’s evening resignation of his former boss Jacob Zuma, who agreed to step down after the ruling African National Congress (ANC) threatened to impeach him via parliament later today.

    Ramaphosa was elected unopposed as Zuma’s permanent successor by parliament and declared duly elected by South African Chief Justice Mogoeng Mogoeng.

    South Africa’s 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 Zuma’s 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.

    “South Africa must come first in everything we do” Ramaphosa said in his first speech to parliament as president.

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

    photo credit: Africanews
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