Cyril Ramaphosa

Newly elected president Cyril Ramaphosa faces a tough road ahead, in rebuilding investor confidence and reviving the economy in the wake of his predecessor Jacob Zuma’s tenure which was marred by scandal and allegations of corruption.

The business community says that it is prepared to work with him to attract foreign investors into the country.

Business Unity South Africa (Busa) says that Ramaphosa’s election is the first important step towards renewing the country’s economy, creating jobs and fighting corruption.

Busa’s president Tanya Kohen says: “Business stands really to strengthening the strategic partnership that is in place between government, business and organised labour, particularly Nedlac.

“There are two issues that are facing the country and business really stands to support.”

Mark Swilling from Stellenbosch’s Centre for Complex Systems in Transition says that Malusi Gigaba might not be able to retain his position as Finance Minister now that Ramaphosa is in power.

“There’s a small chance that he will be retained as Minister of Finance but I don’t think that’s going to happen. He probably should be replaced with somebody who can be fully trusted with our reputation that has taken a very long time to build.”