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00:00:01
>> After a bitter, divisive campaign, the party that has ruled South Africa since the end of Apartheid has a new leader. Deputy President, Cyril Ramaphosa was elected Head of the African National Congress on Monday. Which means he's likely to become President after Jacob Zuma steps down in 2019.
00:00:17
But he's got his work cut out. Graft scandals have plagued Zuma's tenure and threatened to split the century old ANC, once led by Nelson Mandela. Ramaphosa, one of South Africa's richest people, has promised to fight corruption and reboot the economy. Reuters' Ed Stoddard is in Johannesburg.>> Ramaphosa faces a number of challenges.
00:00:39
The top six positions in the ANC now are divided straight down the middle between Ramaphosa and his allies. And allies of his main rival, Nkosazana Clarice Dlamini-Zuma, the ex-wife of President Zuma. The ANC may find that in terms of policy that it often reaches stalemates and is not able to pursue the kinds of reforms.
00:01:05
For example, that markets and the investment community feel are needed to kickstart an economy that has been moor bound for some time. Ramaphosa is probably the party's best bet, though. He has the support, for example, of the party's trade union allies. And these traditionally get the vote for the party, especially in urban areas.
00:01:29
If Ramaphosa had of lost, there's a good chance they would have lost a lot of the union support. Therefore, many of the urban areas in the country, and therefore, they perhaps would have lost their majority. On the other hand, Ramaphosa faces huge callenges in kickstarting an economy that is saddled with an unemployment rate of 27%.
00:01:46
And which has recently suffered a number of damaging ratings downgrades. So he's also got to earn back the confidence of investors and the markets, and he has only 18 months to do that in.