Fin24

Investor relief as Ramaphosa steps forward

2012-12-18 13:30

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.


Comments
  • lawrence.sambani.3 - 2012-12-18 13:37

    Juju in trouble...

      douglas.reid.921 - 2012-12-18 13:43

      Juju toast.

      chaapo.sithole - 2012-12-18 13:46

      Extra toast.

      daleinn - 2012-12-18 13:48

      no juju

      joe.smit.549 - 2012-12-18 14:26

      Post Ju Ju.

      PrettyUsefulArt - 2012-12-18 14:31

      Juju who?

      liana.loots - 2012-12-18 15:07

      to Ju or not to Ju...that is not even a question

      pmbadenhorst - 2012-12-18 17:17

      run ju ju !

      Grannatjie - 2012-12-19 00:13

      ju ju st don't know when to stop

  • tuco.angeleyes - 2012-12-18 13:37

    this year it was a buffalo bull. in 5 years time it will be a whole heard..

      neil.lovegrove - 2012-12-18 14:35

      I heard it might even be a herd

      liana.loots - 2012-12-18 15:08

      lol, semantics

      flysouth - 2012-12-19 13:21

      @lian.loots No - spelling!

  • Eterni80 - 2012-12-18 13:38

    relief ? for what reason ? the bigger issue here is the re-election of someone so tainted by scandal it's not a joke. in 2017 Cyril may become president, but until then we have Mr. Corruption guarding the safe.

      mart.botha - 2012-12-18 14:10

      I HAVE A FEELING C R WILL BE PRESIDENT WITHIN 6 MONTHS OF HIS APPOINTMENT AS DEPUTY.

      liana.loots - 2012-12-18 15:08

      Mantlekilo, hold on to that feeling..

  • sargon.lunderstedt - 2012-12-18 13:40

    I dont think the country can survive 5 more years of Zuma.

      johan.dutoit.566148 - 2012-12-18 14:30

      Of course we can survive Zuma. Besides, the sooner the ANC implodes the better. And for that Zuma is absolutely the best man.

      rupesh.hari.7 - 2012-12-18 14:50

      I completely agree Johan. Zuma is the best for the imploding and hopefully at that point Cyril makes a great opposition leader.

  • wbadenhorst - 2012-12-18 13:41

    Eish... Wasn't he the guy who received about R13600 per miner from Lonmin and only paid them about R5600 or something like that - saw it on Carte Blanche a shortwhile back... One small step backward for government in South Africa, one giant leap backwards for anti-corruption in South Africa... I hope I'm wrong on this...

      phalo.mjikwa - 2012-12-18 13:53

      That was my thought Wbadenhorst. I guess it is a question of lesser evils. He might be a wolf among wolves! Either way, we are in trouble as a country. Ramaphosa is as bad as they come. The whole ANC is a cesspool of corruption. We are in trouble

      johan.vanhoff - 2012-12-18 14:17

      ARN'T GOV. OFFICIALS NOT SUPPOSED TO HAVE PRIVATE INTERESTS ?. CHANCES ARE HE WILL ENHANCE HIS BUSINESSES WITH MORE TENDERS FOR HIS OWN CADRE.

      Mike.ntsh2009 - 2012-12-18 15:05

      @Willie Badenhorst, You are demonstrating ignorance by posting such a question. Where do you live?

  • khuzwayots - 2012-12-18 13:42

    Amazulu National Congress

  • Simthembile Zembe - 2012-12-18 13:43

    We are hopetimistic that Cyril will make a better change.

  • dewald.marais.77 - 2012-12-18 13:45

    Very happy about Ramaphosa, happy about Zuma too - rather the Devil you know than the one you don't (this also breeds opportunity for a probable split in the ANC)

      john.morreira.9 - 2012-12-18 14:22

      dewaldmarais, I agree wholeheartedly.

  • adriaan.kuppens - 2012-12-18 13:46

    This is better than having Mathews Phosa in government again. Remember how he screwed up Mphumelanga?

      JohncarlosBiza - 2012-12-18 14:12

      How exactly? Please explain. This I would like to hear.

      rupesh.hari.7 - 2012-12-18 14:51

      I also hear he screwed up Mpumelanga, but don't know much about it.

      liana.loots - 2012-12-18 15:11

      They are all screwing up, and screwing... taxpayers

  • robert.starke.98 - 2012-12-18 13:47

    Pathetic, Good for Ramaphosa as he has my respect, but Zuma is nothing but a clown and a puppet!!

  • abner.malema - 2012-12-18 13:48

    African Nguni Congress

      Bobstar F Takalani - 2012-12-18 14:21

      Hmmmm

      Bobstar F Takalani - 2012-12-18 14:26

      I object that cos the last top 6 had Motlanthe and Modise who hav non nguni surnames and now the new deputy president is a venda not a nguni. The ministers and cabinet is mixed, tht applies to the NEC as well.

  • mohale.maake1 - 2012-12-18 13:52

    Congra......

  • ontlhabanetsesteve.baepile - 2012-12-18 13:52

    Gomme a Malema le Sepampu ba kitime ba i thampuetse nokeng ya limpopo.

  • lvhukeya1 - 2012-12-18 13:52

    THE dark cloud will forever be hanging over his head for for killing innocent marikana people' things might be going well for him here on earth but hell is waiting for him.

      vusi.mkhize.731 - 2012-12-18 14:45

      Don't believe everything that u hear where are those u said something about him or I forgot they wrote a letter of apology to the ANC what a joke.

  • abner.malema - 2012-12-18 13:52

    The problem with South African is we praise criminals. Our role models are thieves, frauders, corrupt and etc. We don't see role models in educated individuals

      ontlhabanetsesteve.baepile - 2012-12-18 14:13

      Like your brother.

      keith.ngobeni - 2012-12-18 14:27

      Abner, your double standard is appalling I used to read your comments when you were praising Julius and his crooks, and what you just said about south Africans admiring thieves,criminals and fraudsters as their role models you're part of that group because Julius malema is in the same basket as those criminals,fraudsters etc, next time learn not to follow wrong things becaz are done with people who shares a same surname as you.

      vusi.mkhize.731 - 2012-12-18 14:52

      Boetie everywhere politicians are corrupt not only in SA. In government we don't need educated people but we need them to be heads of departments (eg. if minister of health is a doctor then the nation is wasting his skills seating in meetings attending conferences etc, instead of helping patients.

      rob.bayliss.94 - 2012-12-19 15:24

      vusi: You relegate government to less than a trade, even to something you can just pick up as you go along. Maybe the problem is that there is too much picking up going on already. Having said that public education generally available in SA probably doesn't help too much anyway.

  • noyolo.dimakatso - 2012-12-18 14:10

    "...but his popularity within Nelson Mandela's 100-year-old liberation movement is overwhelming." Really, the ANC is Nelson Mandelas?? how come i didnt know?? must have started it when he was still a twinkle in his daddy's eye

  • innocent.tshepang - 2012-12-18 14:11

    South africa going down the drain

  • innocent.tshepang - 2012-12-18 14:14

    south africa is going down the drain, hence we going to fall back to rescission

      joe.smit.549 - 2012-12-18 14:30

      Innocent. The spell-check comes for free!

  • angela.nair.3 - 2012-12-18 14:19

    Now Cyril - show them the way forward. Use your business skills to get this country up and running - you can do it - you did it before! Get Zuma and the other comrades to get their fingers out of the cookie jar! And can we have more accountability please? Non performing idiots must be fired! Please jack up the Education department - they are failing our children..... Please Cyril - dont dissapoint us by building your own fortress! Our country need intelligent people - and next time we choose a President please choose an academic! 20 years down the line and we dont need any more freedom fighters to be Presidents and MP's. We are free - now we need freedom from corruption!

      vusi.mkhize.731 - 2012-12-18 15:06

      I maybe wrong but education is not everything as most people think,to be a president to me u don't need degrees u need to be a charmer, smooth operator ,etc. When u do MBA u get that leaders are not made but they are born.

      ntebu.mthi - 2012-12-18 17:15

      If wishes were horses we'd all ride them

  • douglas.reid.921 - 2012-12-18 14:22

    At least Ram is educated, a struggle hero and a serious businessman. With a bit of luck he will bring sanity and morality to the ANC

      charmaine.mcdonald2 - 2012-12-18 14:56

      Lets pray so, Douglas.

  • isaac.makua - 2012-12-18 14:22

    The ANC members voted for him but what about the voters in 2014 will the ANC get needed 2/3 majority rule they so need?

      tjama.lekula - 2012-12-18 14:35

      Sorry my friend, your anger against jacob zuma is not going to stop people from voting anc in 2014

  • Lesetja Kgabo Malapile - 2012-12-18 14:27

    so Zuma is re-elected i'm out of politics!!

      liana.loots - 2012-12-18 15:20

      lol, we heard that from Manuel yesterday

  • mpho.gift.1804 - 2012-12-18 14:28

    Zuma Ramaphosa= 2 thieves running RSA. (DISASTER)

  • kediboneH - 2012-12-18 14:29

    im so disappointed i still think khalema would have been a better president

  • lindani.zuma.75 - 2012-12-18 14:35

    My suspicion is that JZ won't finish the 2014/2019 term, hence CR will takeover as interim President.

      ntebu.mthi - 2012-12-18 17:18

      Yes it is very likely...JZ is too compromised as a president, even his supporters and himself know that. But there are always backroom deals that these ANC leaders always design and come up with. That's the space to watch

  • Dumsani Ndlovu - 2012-12-18 14:36

    next term- president Ramaposa, vice pres Gigaba, copy that

      ontlhabanetsesteve.baepile - 2012-12-18 14:40

      No Ramaphosa vice T Manuel.

  • lenox.ntlantsana - 2012-12-18 14:37

    This was just for formalities! What's your take?

  • ontlhabanetsesteve.baepile - 2012-12-18 14:37

    The people has spoken bathe we will meet at freedom day .

  • ruben.maistry - 2012-12-18 14:38

    I have respect for Cyril, however the Marikana incident casts a huge shadow.Hats off to Kgalema for taking a stand.Such a move will help keep the anc on its toes.That stance Kgalema does not go unnoticed. Zuma now knows that he has to toe the line or else.The next expulsion from the anc MUST be fransman.He is a liability to the anc.

  • Eric Mdudus Shaku - 2012-12-18 14:39

    Biggest ever mistake commited by Motlhante was Malema/his book,also contesting Zuma.

      ntebu.mthi - 2012-12-18 17:22

      No, he didn't offer branch elective delegates something to inspire them to vote for him. In election conference, that's how one wins - whether national elections conference or provincial election conference or regional election conference. It is a 'fak'imal'uzobona' type-process.

  • Mandla - 2012-12-18 14:39

    this is the begining of an end it has just started deny it or not we will not make it to 40yrs in power, so bless South africa.

  • neil.lovegrove - 2012-12-18 14:40

    I am...as they say, "cautiously optimistic" that CR might just be capable of stemming the runaway tide of corruption withing the ranks. But I am not holding my breath. *sigh*

  • Charles Frederik Robberts - 2012-12-18 14:42

    Now Zuma must fire his advisors who told him to ignore our request for self determination,then there will be peace and prosperity in this land!

  • laritow.lara - 2012-12-18 14:42

    Ofcoz wer not amazed by thoz outcomes..The oppenheimers hav long secured a big stake in Our Fathers Land,hence Mr Rama-traitor is enjoyin the fruits,hell he knows thy made a sacrifise-of -da poor-marikana brethrens.illuminati trix,U sold Us To The same Dogs of Blood.those who are uncut hav got immoral values..resultin to sellout..lik thez..

  • vonanijaphta.ramashia - 2012-12-18 14:45

    zuma n ramaphosa together! the resources of the state wil be raped day light. we a in a train 2 zim

      William Mohlolo - 2012-12-18 14:56

      You judge Ramaphosa over what happened at Marikana and forget that Ramaphosa is a leader with discipline and focus mostly on country economy. He's a nation builder who doesn't take side. Give him a chance n I'm tell you, you are goin to swallow your words.

  • ontlhabanetsesteve.baepile - 2012-12-18 14:50

    Next president Ramaphosa vice T Manuel

  • charmaine.mcdonald2 - 2012-12-18 14:55

    Congratulations! But, O My God, we are in trouble, the crime rate will still increase everyday in South Africa.

  • ferdinand.massyn - 2012-12-18 14:59

    What a great place South Africa could be if the DA could have Cyril Ramaphosa as President and Trevor Manuel as Deputy or Minister of Finances.

  • lucky.lehlaka - 2012-12-18 15:01

    GO TO HELL WITH ZUMA.YOU NOT WELCOMED IN LIMPOPO.IM STIL ANTI-YOU.

      Leonard Mokgotlhwe - 2012-12-18 15:17

      limpopo corruption stop from today anty Zuma or not

      tjama.lekula - 2012-12-18 15:55

      Anger bitterness, my son.and what Is anti zuma. It is the landslide victory. It should tell you something is wrong with you. When the entire ANC delagates vote in majority foR Jacob Zuma you alone stay bitter in limpopo

      leonard.meje - 2012-12-22 18:12

      Lucky even if you can say that the man is still going to be in charge for the other 7 years and Malema is pleading to be welcome back to the ANC.

  • mapetsula - 2012-12-18 15:33

    Watch the results of MARIKANA. This is SA lead by Zuma

  • thembinkosi.jozie - 2012-12-18 15:33

    Exploitation and killing of workers and labour brokering that's all Ramaposa stands for.No wonder the investors like him so much.No money to pay his workers but there is R18million to buy a buffalo?

  • maria.roth.589 - 2012-12-18 15:52

    Yv News 24 states rand steadies as Zuma re-elected. Such nonsense trying to propagandise the Zuma's re-election when we all know that it was because Ramaphosa was elected deputy. If that is what he could do with just his presence in the mix think of what could have happened if he was president. But of course we have to put up with the corrupt Zulu boy for his next term as well. Now if C.R. can just rein in the greedy guts and apply some needed common sense. But of course that's the end of the fat child.

      ntebu.mthi - 2012-12-18 17:29

      Ramaphosa alone is not effective in any ANC decision. If the top 6 decisions are against his opinion, he can't rule over them. Meaning he has no veto power. He will be forced to follow party line. If most NEC members are not business minded or oriented, then Ramaphosa's election will not be that effective. That's how the ANC operates. That's how for instance he could not say anything to the contrary when Thabo Mbeki got recalled even though such recall was not done according to the constitution of the Republic, this he knew but he didn't have numbers in the NEC who would back him up.

  • Getrude - 2012-12-18 16:03

    Amadoda National Congress. Where are women guys? For the past 100 years men held top positions especially the presidency post of Amadoda National Congress. Practice what you preach

      Itumeleng Zungu - 2012-12-19 05:28

      @Getrude ANC has played a vital role in empowering woman and it shows within the ranks of the party, woman are now directors of big companies under the ANC leadership. We had our 1st woman deputy president of the country under the party leadership and i promise you we'll have a woman president under the ANC government

  • gavin.brown.1654 - 2012-12-18 17:21

    At last - Cyril is now only a door away from the Presidency. Soon we we may get the President who was Madiba's choice as his successor. Better late than never !

  • craig.thom.376 - 2012-12-18 19:48

    Makes you think that perhaps big business is in the driving seat $$$

  • mahlekafmp - 2012-12-19 04:56

    Ramaphosa blood in your hands Marikana miner were killed, with the results of top 6 out,Zuma will the Marikana commision come up with something,i doubt , Zuma will build another empire 600million,with schools with no books.

  • smith.celeste - 2012-12-19 09:07

    I'm no fan of either of them, but I think with the way things stand, CR might be the right person to at least keep our economy floating (albeit on a half inflated dinghy) in the midst of the ensuing chaos. I'm holding thumbs for the NDP.

      flysouth - 2012-12-19 13:25

      I doubt that very much for the simple reason that in the context of the global economy, Cyril will find that there are no cushy BEE deals and handouts, like those that made his fortune, for SA to grab onto!

  • winifred.watson.9 - 2012-12-19 11:08

    I hope they wont tie his hands behind his back like they did with motlanthe. Unless Cyril steps up and shows them who is boss he will only be used as a smoke screen. I believe this is why he has got the position now.....bait for the fish. The problem the fish have moved on to greener pasteurs and will need a lot of convinsing to come back. Even fish are intelligent now days.

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