Jacob Zuma the president of South Africa has been forced to resign by African National Congress (ANC) on corruption allegations.
Bloomberg reported that after Zuma’s resignation, the Rand jumped to the highest against the dollar. This was good news to the local economy.
Jacob Zuma has been in power for the last nine years and marks the end of a scandalous era. He was a man with 9 lives of cat.
Ramaphosa has taken over as the acting president. He is a lawyer and a business tycoon.
“The new president is going to have to make tough decisions on who is in his cabinet and that’s where the tough fight is going to be from now on,” Said Ivor Sarakinsky, the academic director at University of Witwatersrand in Johannesburg.
on 21 Feb South Africa’s national budget will be presented in parliament. Observers are keenly watching to see if the new president will replace Malusi Gigaba as Finance Minister.
Read More: My Trip to South Africa
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