The most immediate threat is the prospect of downgrades by credit ratings agencies that have been closely watching political developments.Ī downgrade of the local-currency rating to "junk" status would result in South Africa being removed from Citigroup's bond index and could trigger the exodus of around 100 billion rand ($8.6 billion) in investment, the central bank says. Ramaphosa was confirmed as president in a parliamentary vote on Thursday after scandal-ridden Zuma reluctantly resigned on orders from the ruling African National Congress (ANC) on Wednesday.īelow are five of the big challenges facing the new leader. ![]() ![]() ![]() Feb 15 (Reuters) - New South African President Cyril Ramaphosa faces an uphill battle to win back public and investor support after Jacob Zuma's nine-year tenure was blighted by corruption, economic mismanagement and ruling party infighting.
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