Rejoice? South Africa’s ruling African National Congress (ANC) has elected Cyril Ramaphosa as its new president, narrowly beating Nkosazana Dlamini-Zuma, a former minister, African Union official and ex-wife of the incumbent President Jacob Zuma.
International investors certainly think so, and the rand is up against the dollar this morning. While the electoral pull of these old loyalties is often overestimated, that Ramaphosa was Nelson Mandela’s preferred choice to succeed him as president, and his role in negotiating the end of apartheid, mean he has a better chance of refreshing the ANC. Polls have shown the party faces slipping below 50 per cent of the vote for the first time at the next election.
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