• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

Loading...
See More

Investor relief as Ramaphosa steps forward

Dec 18 2012 13:30 Sapa, Reuters

Cyril Ramaphosa

Related Articles

Zuma/Ramaphosa win

Zuma insists SA not falling apart

Rand rallies on Zuma re-election

Zuma: ANC will steer economy boldly

Rand jumps to 10-week high

Zuma, Ramaphosa take top ANC positions

 
Bloemfontein - Investors have breathed a sigh relief after the ANC re-elected President Jacob Zuma as its leader and brought in respected businessman Cyril Ramaphosa as his deputy.

The rand edged higher against the dollar, as investors welcomed the likelihood of policies remaining largely unchanged under Zuma.

The return to frontline politics of Ramaphosa - an anti-apartheid union leader who is now South Africa's second-richest black businessman - is also seen as broadly favourable to business and investment.

With Zuma's re-election, the African National Congress is teeing him up for another seven years as head of state.

Zuma came to power in 2009 in the teeth of South Africa's first recession in 18 years.

His economic record has been chequered and he has also been dogged by personal scandals, but his popularity within Nelson Mandela's 100-year-old liberation movement is overwhelming.

Ramaphosa on the other hand offers South Africa talent and experience. Reuters reports his bid for office shows that a new, black elite is struggling to rally the century-old party's impoverished base.

It remains to be seen whether a man who retreated from public life to make a fortune in investments can fire up enthusiasm among the millions of poor disillusioned by broken promises in 18 years of majority rule.

Once a firebrand campaigner for miners' rights, Ramaphosa hit the headlines this year as a mining company director who urged a crackdown on strikers before police killed 34 of them.

Ramaphosa also owns investment company, Shanduka Group, and is also MTN Group chairperson.

He benefited from the post-apartheid policy of Black Economic Empowerment (BEE) and is now one of Africa's richest men, with a fortune estimated at $675m by Forbes magazine. He started Shanduka in 2001 to take advantage of BEE rules that obliged companies to add black shareholders to meet mandatory targets and win government contracts.

Ramaphosa's appointment as deputy president of the ANC may benefit Zuma most as he struggles to restore investor confidence after a wave of violent strikes rocked the country.


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
96 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...