Zuma: Cyril will lead govt business

Cape Town - President Jacob Zuma has appointed Deputy President Cyril Ramaphosa as the leader of government business in the National Assembly, the Presidency announced in a statement on Thursday.

The appointed was made in in terms of section 91(4) of the Constitution.

"We wish the Deputy President all the best in this important task of leading the executive in parliament," said Zuma.

The responsibilities of the leader of government business include:

- The affairs of the national executive in Parliament;

- The programming of parliamentary business initiated by the national executive, within the time allocated for that purpose;

- Ensuring that Cabinet members attend to their parliamentary responsibilities.

Ramaphosa, who founded investment firm Shanduka in 2001, announced on Monday that he will completely pull out from the group and focus on his responsibilities in government.

He stepped down from his positions at mining company Lonmin and packaging group Mondi.

Investors breathed a sigh of relief after the ANC elected Ramaphosa as deputy president at the 2012 Mangaung conference.

His return to politics of Ramaphosa is broadly seen as favourable to business and investment.

But will he deliver on the goods?

Nomura's emerging markets economist Peter Attard-Montalto said that Ramaphosa will be a very effective communicator with business and investors, but he added "we do not think policy wise it's a given that he will be investor friendly".

Montalto said a black economic empowerment economy (the world Ramaphosa comes from) is very different from a free market (private) business economy that would be growth enhancing.

 - Fin24