South Africa’s ruling African National Congress (ANC) party has chosen Cyril Ramaphosa as its new leader, a move viewed positively by the markets with the Rand appreciating in value and shares in domestic banks also rising.
Ramaphosa, currently South Africa’s Deputy President, may have to wait until elections in 2019 to run for the presidency of the country, although there is pressure from some quarters for scandal-mired incumbent Jacob Zuma to step down before then.
