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Russian Federation expects cooperation with South Africa to boost following presidential polls

Overhauling the South African economy and putting the nation on track to achieving strong growth will not be an easy task, but the GBP/ZAR exchange rate has already seen significant declines thanks to investor hopes that Ramaphosa can manage the gargantuan task ahead of him.

Ramaphosa said key manufacturing sectors would be overhauled to demonstrate opportunities for global investors and said there there would be further actions to boost growth in the agricultural sector.

Ramaphosa was Mandela's chosen successor, but when he lost the race for deputy president to Mbeki, those plans were scrapped.

He is mired in corruption allegations, involving nepotism, influence-peddling, and conflicts of interest.

"We could have gotten more bolder action today, but I heard more of the same stuff", said Mmusi Maimane, head of the Democratic Alliance.

Delivering the key speech at the National Assembly in Cape Town, Ramaphosa invoked the memory of Nobel Peace Prize victor and former President Nelson Mandela while highlighting the deep divisions that still exist within the community, particularly along racial and gender lines.

The opposition leader said Ramaphosa had promised no major policy reform‚ instead only tinkering with current policies that had not brought change to the lives of South Africans.

However, the new leader indicated he is aware there are no easy fixes to South Africa's challenges, which date from the era of apartheid a generation ago.

Ramaphosa therefore enters office with a heap of problems to sort out; something which might be easier said than done - a realisation that could come back to bite the Rand. Ramaphosa left government afterward and made his fortune in the business world.

Despite being part of Zuma's government, Ramaphosa became an increasingly outspoken critic of the corruption scandals surrounding the president.

He said he would also be establishing a Presidential Economic Advisory Council to help find solutions to revive the economy.

"He used intimidation, charm, humor in rapid succession at the negotiating table", Anthony Butler, a scholar and the author of a biography, 'Cyril Ramaphosa, ' said recently in The Daily Maverick.

The ANC had told Mr Zuma to step down or face a vote of no-confidence.

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