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00:00:00
>> I truly feel humbled to have been given this great privilege of being able to serve our people.>>
APPLAUSE
>> Cyril Ramaphosa has been elected president of South Africa less than 24 hours after Jacob Zuma resigned. A parliamentary vote rubber-stamping what had been forced through by the ruling African National Congress.
00:00:23
Reuters' Ed Cropley in Johannesburg says it's a welcome changing of the guard.>> Most South Africans, or many South Africans, especially in urban areas, are extremely happy with this move and the change of power. It's fair to say that the last nine years under Zuma have been pretty disastrous for South Africa.
00:00:40
If you look at the currency, if you look at the economy. Or everything that's been pointing towards a weakening trend or a downwards trend. Everybody hopes that's now gonna pick up and the economy is going to revive and unemployment may start to go down.>> In a farewell address on Wednesday, Zuma defiantly fell on his sword, saying he disagreed with being pushed out by the ANC but would accept its orders.
00:01:02
>> To resign as president of the republic with immediate effect.>> But his exit has been on the cards for some time. Ramaphosa became the head of South Africa's ruling party in December, with pressure growing recently within the ANC's ranks to rid themselves of a scandal-ridden Jacob Zuma at the country's helm.
00:01:22
His nine years in office were plagued by corruption allegations.>> Cyril's gonna have, he's got a lot of tasks ahead of him, a lot of the government departments are not functioning properly. He's gonna have to have a sweeping change across the cabinet. After that, we've got the budget next week, which is due on Wednesday night.
00:01:39
So the big question really is, is the content of the budget going to change to become more investor friendly?>> His political capital appears to be high as the country searches for the road back to relative prosperity. But plenty of pitfalls await in a nation still polarized by racial inequality over two decades since the end of white minority rule.