Cyril Ramaphosa on Thursday was sworn in as South Africa's new president after the resignation of Jacob Zuma, whose scandals brought the storied African National Congress to its weakest point since taking power at the end of apartheid.

"I will try very hard not to disappoint the people of South Africa," Ramaphosa said in ending his speech to parliament shortly after ruling party lawmakers elected him. He said the issue of corruption is on "our radar screen."

Ramaphosa was the only candidate nominated for election after two opposition parties said they would not participate. The two parties instead unsuccessfully called for the dissolution of the National Assembly and early elections.

Chief Justice Mogoeng Mogoeng presided over the parliamentary election and congratulated Ramaphosa, who had been Zuma's deputy and in December was narrowly elected leader of the ruling party over Zuma's ex-wife.

Zuma resigned after years of scandals that damaged the reputation of the ruling ANC, which had instructed him this week to step down or face a parliamentary motion of no confidence that he would almost certainly lose. Zuma denies any wrongdoing.

Ramaphosa is South Africa's fifth president since the end of the apartheid system of white minority rule in 1994. On Friday evening, he is expected to deliver the state of the nation address that had been postponed during the ruling party's days of closed-door negotiations to persuade Zuma to resign.

As some South Africans cheered the end to Zuma's era, the rand currency strengthened against the dollar in early trading Thursday.

The country's main opposition party, the Democratic Alliance, will cooperate with Ramaphosa if he acts in the interests of the South African people, said party leader Mmusi Maimane.

"We will hold you accountable and I will see you in 2019 on the ballot box," Maimane said.

Members of a smaller opposition party walked out of parliament before the election, saying the ANC plan to choose a new president was "illegitimate."

Julius Malema, leader of the Economic Freedom Fighters party, said ANC lawmakers had failed to hold former Zuma to account for alleged corruption and had therefore violated the constitution.

Ramaphosa now is challenged with reviving the reputation of the ANC, Africa's most prominent liberation movement, which fought apartheid and has been in power since the first all-race elections in 1994. The party's popularity fell as anger over corruption allegations grew and it suffered its worst showing at the polls in municipal elections in 2016.

The prospect of facing a possible coalition government for the first time helped push some ANC leaders to decide that Zuma had to go.

On Thursday the foundation of Nelson Mandela, South Africa's first black president, welcomed Zuma's departure but said the state must act against "networks of criminality" that have hurt the country's democracy.

As the country marks the centenary of Mandela's 1918 birth, "there is a need to reckon with the failures of the democratic era," the foundation said. "We believe that we are at a critical moment in our history, one which offers us the unique opportunity to reflect, to rebuild, and to transform."</s>Newly elected President Cyril Ramaphosa said he would work hard “not to disappoint the people of South Africa”.

Ramaphosa, made the pledge in brief remarks after he was elected President by parliament on Thursday, the day after the resignation of Jacob Zuma.

“The issues that you have raised, issues that have to do with corruption, issues of how we can straighten out our state-owned enterprises and how we deal with state capture are issues that are on our radar screen,” he said.

Ramaphosa also pledged to tackle endemic corruption after Zuma resigned on orders from the ruling African National Congress.

Ramaphosa, who will be president until elections 2019, faces an uphill battle to earn back public and investor support.

Experts said Africa’s most developed economy needs faster economic growth if it is to reduce high unemployment – currently at 27 per cent – and alleviate persistent, widespread poverty that aggravates inequality and stokes instability.

The 75-year-old Zuma said in a 30-minute farewell address to the nation he disagreed with the way the ANC had thrust him toward an early exit after Ramaphosa replaced him as party president, but would accept its orders.

“Zuma did the right thing to resign. Yes, let’s see what Ramaphosa is having for us, thank you,” said Hlengiwe Mswazi, an office worker in the capital Pretoria.

Tshepo Kgobane, also in Pretoria, said: “So it is a good thing that he resigned. We must have a party, a big party, we must throw a party because he resigned. We wanted to see that.”

Zuma bowed out hours after police raided the luxury home of the Gupta family, the Indian-born billionaire allies of the former president, who have been at the centre of corruption accusations against Zuma and his circle for years.

Zuma and the Guptas have always denied wrongdoing.

Julius Malema, leader of the far-left Economic Freedom Fighters (EFF), led his party in a mass walkout from parliament on Thursday, saying it would not take part in the election of a new president so as not to legitimize an ANC candidate.

The EFF, which has six per cent of the seats in parliament, had sponsored a no-confidence motion in Zuma that would have gone ahead had Zuma not jumped.

The foundation set up to guard the legacy of the late anti-apartheid icon and first black South African president Nelson Mandela said Zuma’s departure brought to an end “a painful era for the country”.

South African police said officers had arrested eight people so far in its investigations into high-echelon influence-peddling revolving around the Gupta family.

Chief prosecutor Shaun Abrahams declared Ajay Gupta, one of the three Gupta brothers, a “fugitive from justice” after he failed to hand himself in. Abrahams provided no further details.</s>CAPE TOWN, South Africa (AP) — Cyril Ramaphosa became South Africa's president with a message of clean government and inclusiveness on Thursday, stirring the hopes of many South Africans that he can reverse a corrosive period of decline and division under his predecessor, Jacob Zuma.

Ramaphosa, a lead negotiator in the transition from apartheid to democracy in the early 1990s, was elected by jubilant ruling party legislators anxious to shed political limbo and get the leadership of the country back on track. In an indication of the challenges facing Ramaphosa, the two main opposition parties did not participate in the National Assembly vote, arguing it was a sham process because the ruling African National Congress party was tainted by its association with corruption scandals during the Zuma era.

Even so, the 65-year-old Ramaphosa delivered a measured, conciliatory speech to lawmakers in a chamber that had been the scene of heckling and sometimes scuffles during appearances by Zuma, who resigned late Wednesday after protracted discussions with ANC leaders who told him to step down or face a parliamentary motion of no confidence.

"I will try very hard not to disappoint the people of South Africa," Ramaphosa said soon after he was nominated as an unopposed presidential candidate and elected by his party. He said the issue of corruption and mismanagement is on "our radar screen" and that one of his first aims is to meet rival party leaders so that "we can try and find a way of working together."

Chief Justice Mogoeng Mogoeng presided over the parliamentary election as well as a separate swearing-in ceremony for Ramaphosa, who had been Zuma's deputy and in December was narrowly elected leader of the ruling party over Zuma's ex-wife, Nkosazana Dlamini-Zuma.

Noting the celebrations by the ruling party legislators after days of national anxiety over whether or when Zuma would resign, the robed chief justice said: "I'm trying to adapt to the environment. I'm not used to it. In a court of law, no singing is allowed."

While Ramaphosa has consolidated his control of the ANC in recent weeks, he still faces the delicate task of removing compromised figures from the old administration as part of his anti-corruption drive while trying to avoid alienating ruling party factions that could try to undercut him. He must also restore the reputation of the ANC, which fought apartheid and has been in power since Nelson Mandela was elected South Africa's first black president in the first all-race elections in 1994.

The party's popularity fell as anger over corruption allegations grew and it suffered its worst showing at the polls in municipal elections in 2016. Investor jitters over the political situation contributed to sluggish economic growth, compounding generational problems of poverty and economic inequity that will put early pressure on Ramaphosa's administration.

Still, the South African rand strengthened Thursday to its highest level against the dollar in several years amid a sense that the new president represents stability and transparency lacking under his predecessor.

The foundation of Mandela, who died in 2013, said the state must now act against "networks of criminality" that have hurt the country's democracy.

As the country marks the centenary of Mandela's 1918 birth, "there is a need to reckon with the failures of the democratic era," the foundation said. "We believe that we are at a critical moment in our history, one which offers us the unique opportunity to reflect, to rebuild, and to transform."

The country's main opposition party, the Democratic Alliance, will work with Ramaphosa if he acts in the interests of the South African people, said party leader Mmusi Maimane.

"We will hold you accountable and I will see you in 2019 on the ballot box," Maimane said. While Ramaphosa welcomed Maimane's offer of cooperation, he described the election warning as "grandstanding."

Members of a smaller opposition party, the Economic Freedom Fighters, walked out of the chamber before Ramaphosa's election, saying it was illegitimate because South Africa's top court had ruled that lawmakers failed to hold Zuma to account in a scandal over state-funded upgrades to his private home.

The ruling party is "incapable of fighting corruption and maladministration from within its own ranks," said Julius Malema, the opposition party's leader.

South African authorities, meanwhile, said they were seeking to arrest a key member of the Gupta business family accused of securing state contracts by using its links to Zuma when he was president. Ajay Gupta is considered to be a fugitive after he failed to turn himself in, police told South African media.

Police have already arrested eight people in a probe of a dairy project in which state funds earmarked for local farmers allegedly were siphoned off to a company tied to the Gupta family, which denies any wrongdoing.

Ramaphosa, South Africa's fifth president since the end of white minority rule, will return to parliament Friday evening to deliver a state of the nation address that had been postponed during the ruling party's deliberations with Zuma over his resignation. The occasion will feature both policy and pomp, including a military parade, a flyover by air force planes, a 21-gun salute and more than 1,100 guests.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.</s>CAPE TOWN - As the country gears up for Zuma’s exit, we reveal what changes consumers can expect in the country, if Zuma falls on his sword and finally gives in to the National Executive Committee’s (NEC’s) call for his resignation.

According to Chief Economist at Investec, Annabel Bishop, South Africa has already enjoyed a victory of R30.2 billion foreign investment since Cyril Ramaphosa succeeded Zuma as President of the African National Congress (ANC) at the end of 2017.

This strengthened the rand by close to R2 against the dollar.

Bishop says that financial markets favour Ramaphosa as it is perceived that he will deliver good governance.

Meanwhile, Zuma’s leadership has been severely damaging to the country, suppressing investment and economic growth. Bishop notes that business confidence has been depressed since 2009, averaging at 41%. This is significantly lower than the neutral 50% level.

During Zuma’s leadership, there has been credit rating downgrades and higher cost of borrowing.

Changes we can expect

Given South Africa’s Constitution, whether Zuma is removed from office through recall or a no confidence motion, the Deputy President, Ramaphosa will then occupy office and complete the term of the removed President.

The new President will then also be allowed to fill two of his own terms as President afterwards.

Bishop says that based on financial markets and the business sector’s favour toward Ramaphosa as President of the ANC, it is considered that he will follow economic policies that support economic growth and lean towards the free market approach.

She adds that this may also improve business confidence in the first quarter of 2018.

This can have a direct impact on investment and job creation.

“A marked rise above the neutral 50 level in business confidence would likely spur some fixed investment and job creation, but sustained faster economic growth for SA of the magnitude of 5% plus, will take time, as significant deterioration has occurred in SA’s previous key fundamental strengths, but for this repair to take place requires many more urgent interventions now”, says Bishop.

Bishop says that overall, South Africa could see a “better than expected economic growth outcome” this year and the next.

“South Africa can eventually regain it’s A grade credit ratings, see unemployment drop below 22% and have sustained economic growth above 5.0% y/y again, and repair both its public and SOE finances as it has the capacity to do so, butmust now reduce the size of the state substantially, and allow conditions that see the private corporate sector triple in size”.

READ ALSO: #ANCNEC tells Zuma: Resign or be recalled

Should Zuma refuse to exit, the next step to remove him from Presidency is to either cast a no confidence vote or a legal challenge to his right to be president (impeachment).

However, this will reshuffle the entire Cabinet.

“The Centre for Constitutional Rights (CCR) says a passed motion of no confidence “remove(s) not just the President from office, but also, the Deputy President, the entire Cabinet, as well as Deputy Ministers. Thereafter, the Speaker of Parliament assumes the President’s office in an acting capacity until the members of the National Assembly elect one of their own to occupy the office of the President.” (CCR) The Deputy President would then remain an ordinary Member of Parliament, and would then need to be elected President by the other members of parliament”.

“While higher commodity prices have given the mining sector some lift, substantial direct investment (both foreign and domestic) would bring both this sector and the manufacturing industry back to life after almost a decade of weak outcomes on high political and policy uncertainty levels. While South Africa’s outlook looks brighter than it did several weeks ago, many hurdles need to be overcome including funding and governance of SOEs other than just Eskom, the extreme expenditure pressure on public finances which has resulted in over borrowing and credit rating downgrades (with SA now facing full sub-investment grade status), the lack of substantial free market, structural reforms and many poor performing government departments”.

Bishop says that since 2009/2010, economic growth in SA has fallen to around the 1.0% or less on an annual basis since both business and consumer confidence has been depressed.

As a result, unemployment has risen towards 30% over nearly ten years. This has been concerning for consumers, says Bishop.

Coupled with petrol hikes, the overall cost of living has escalated progressively.

"An early Zuma exit could potentially see the rand pierce the R11.70/USD key resistance level, and then move towards R11.00/USD providing that Cyril Ramaphosa can assume Presidency of SA without any conditions that hamper his ability to follow the free market reforms necessary to avoid further credit rating downgrades, eradicate corruption and deliver rapid economic growth", says Bishop.

While Zuma will reportedly exit from office one way or the other, Bishop says that an elegant exit along the lines of the Thabo Mbeki experience would be the least disruptive for financial markets and the economy at this point.

While the rand has the potential to respond well to Ramaphosa's leadership, Zuma's dragged out term in office could potentially cause the rand to subside weaker towards R12.35/USD, says Bishop.

This is especially possible if Zuma were to still remain in office for SONA and the Budget.

Meanwhile, South African's wait with bated breath for Zuma's exit as it could see Moody's decision to review the country’s ratings to junk status and possibly drop the country’s ratings to junk status (all of SA’s credit ratings from the key agencies would then be on junk status) after the budget.

"Such uniform junk credit ratings for SA could see the rand move towards R13.00/USD with the national Budget (21st February) a key factor for SA’s credit ratings", concludes Bishop.

ALSO READ: #NECMeeting: Zuma given 48 hours to quit – or else</s>The End Of Jacob Zuma: 5 Scandals JZ Survived In His Tenure

Jacob Zuma is no longer president. After a long and grueling time in office Zuma has finally stepped down as President. Here are five of the most prominent scandals he has survived.</s>Cyril Ramaphosa, born 17 November 1952, is the fifth and current post-apartheid President of South Africa. He has been the Deputy President of South Africa since 2014 and was elected as President of the African National Congress (ANC) South of Johannesburg in December 2017.

He is also the Chairman of the National Planning Commission, which is responsible for strategic planning for the future of South Africa, with the goal of rallying the nation “around a common set of objectives and priorities to drive development over the longer term”.

Ramaphosa has been sworn in as the president of Africa’s most industrialised nation (South Africa) in the national parliament in Cape Town, the country’s Capital on Thursday February 15 2018, a day after Jacob Zuma resigned from office following allegations of corruption

Ramaphosa automatically became the acting president of the country on 14 February 2018, after the embattled former president, Jacob Zuma was pressured to resign on Wednesday and will be sworn in by Mogoeng later in the day and is due to deliver his first state-of the nation address on Friday. He staked his claim to the top post when he replaced Zuma as leader of the African National Congress almost two months ago.

A former lawyer and one of the richest black South Africans, Ramaphosa has promised to revive the struggling economy, create jobs and tackle corruption. His appointment more than a year before national elections could help the ANC win back voters alienated by a succession of scandals, policy missteps and inappropriate appointments during Zuma’s nine-year tenure.

While Ramaphosa succeeded in outmanoeuvring Zuma since his tight election as ANC president, the road ahead is perilous — the party remains deeply divided, the cabinet needs a clean-out and a moribund economy requires a jump-start.

Growth has averaged just 1.6 percent a year since Zuma took office in 2009, undermined partly by policy decisions and inappropriate appointments that rocked investor and business confidence. Disgruntlement with his rule caused support for the ANC to fall to a record low in 2016 municipal elections and cost it control of Johannesburg, the economic hub, and Pretoria, the capital.</s>Cyril Ramaphosa on Thursday was sworn in as South Africa's new president after the resignation of Jacob Zuma, whose scandals brought the storied African National Congress to its weakest point since taking power at the end of apartheid.

"I will try very hard not to disappoint the people of South Africa," Ramaphosa said in ending his speech to parliament shortly after ruling party lawmakers elected him. He said the issue of corruption is on "our radar screen."

Ramaphosa was the only candidate nominated for election after two opposition parties said they would not participate. The two parties instead unsuccessfully called for the dissolution of the National Assembly and early elections.

Chief Justice Mogoeng Mogoeng presided over the parliamentary election and congratulated Ramaphosa, who had been Zuma's deputy and in December was narrowly elected leader of the ruling party over Zuma's ex-wife.

Zuma resigned after years of scandals that damaged the reputation of the ruling ANC, which had instructed him this week to step down or face a parliamentary motion of no confidence that he would almost certainly lose. Zuma denies any wrongdoing.

Ramaphosa is South Africa's fifth president since the end of the apartheid system of white minority rule in 1994. On Friday evening, he is expected to deliver the state of the nation address that had been postponed during the ruling party's days of closed-door negotiations to persuade Zuma to resign.

As some South Africans cheered the end to Zuma's era, the rand currency strengthened against the dollar in early trading Thursday.

The country's main opposition party, the Democratic Alliance, will cooperate with Ramaphosa if he acts in the interests of the South African people, said party leader Mmusi Maimane.

"We will hold you accountable and I will see you in 2019 on the ballot box," Maimane said.

Members of a smaller opposition party walked out of parliament before the election, saying the ANC plan to choose a new president was "illegitimate."

Julius Malema, leader of the Economic Freedom Fighters party, said ANC lawmakers had failed to hold former Zuma to account for alleged corruption and had therefore violated the constitution.

Ramaphosa now is challenged with reviving the reputation of the ANC, Africa's most prominent liberation movement, which fought apartheid and has been in power since the first all-race elections in 1994. The party's popularity fell as anger over corruption allegations grew and it suffered its worst showing at the polls in municipal elections in 2016.

The prospect of facing a possible coalition government for the first time helped push some ANC leaders to decide that Zuma had to go.

On Thursday the foundation of Nelson Mandela, South Africa's first black president, welcomed Zuma's departure but said the state must act against "networks of criminality" that have hurt the country's democracy.

As the country marks the centenary of Mandela's 1918 birth, "there is a need to reckon with the failures of the democratic era," the foundation said. "We believe that we are at a critical moment in our history, one which offers us the unique opportunity to reflect, to rebuild, and to transform."</s>President of South Africa Jacob Zuma gestures as he sings to his supporters at the 54th National Conference of the ruling African National Congress (ANC) at the Nasrec Expo Centre in Johannesburg, South Africa December 16, 2017. REUTERS/Siphiwe...</s>South Africa's likely next president Cyril Ramaphosa faces major hurdles to implement Mandela's vision

He was at Nelson Mandela's side as he strode to freedom in February 1990, and went on to become the liberation hero's anointed successor, but for two decades Cyril Ramaphosa's political ambition was thwarted.

Now, almost 27 years to the day since South Africa's first democratically elected president declared his commitment to bringing unity and reconciliation to the country, Mr Mandela's chosen one has the opportunity to steer the country back onto that path.

With Jacob Zuma's protracted downfall complete, Mr Ramaphosa has stepped up from Deputy to Acting President, and is expected to get Parliament's nod for the top job by the weekend.

He has his work cut out for him.

South Africa's economy is faltering: two of the leading credit rating agencies have downgraded the country's debt to junk status, growth is paltry, corruption is rife, many state-run companies have been looted, and the official unemployment rate sits at just under 27 per cent but is likely higher due to the vast numbers of undocumented immigrants.

Under Mr Zuma, calls for radical economic transformation became louder, but there is little agreement on what exactly the phrase means.

It is now up to Mr Ramaphosa to take carriage of those discussions.

At the African National Congress's (ANC) first conference inside South Africa after the ban on it was lifted in 1990, Mr Ramaphosa outmanoeuvred his opponents, including Mr Zuma, to be elected as the party's secretary-general.

Mr Ramaphosa rose through the trade union movement and fought against white rule by mobilising workers to take a stand against oppression, which means he belongs to a camp within the ANC known as the "internals".

In taking the reins of the party, he broke the tradition of appointing "exiles" — party members who operated abroad to sway opinion against the apartheid government, or fought an armed struggle from sympathetic countries.

As the ANC began negotiations with the ruling National Party (NP) to end apartheid and peacefully advance towards non-racial elections, Mr Ramaphosa led the ANC team that carried out the lengthy discussions.

He earned high praise for his skilled negotiation, formed a close friendship with his counterpart from the NP and worked hard to deliver a settlement that would bring white and black South Africans together.

In doing so, he shaped his political persona in the Mandela mould and won widespread public approval, but it was not enough to overcome the internal workings of the ANC.

When it came time for Mr Mandela to pick a deputy, he consulted senior members of the party, and picked Thabo Mbeki, who had been groomed in exile by Oliver Tambo, the ANC's longest serving president.

It is widely known that Mr Ramaphosa struggled to deal with losing out on the role he coveted (that he failed to show up for Mr Mandela's inauguration gave it away), but Mr Mandela looked past this weakness and insisted he lead efforts to draft a new constitution.

That he chose Mr Ramaphosa to forge the principles and processes according to which the country would be governed is testament to his belief that they had a common vision for South Africa.

Unwilling to wait in the wings of power for his moment, Mr Ramaphosa quit politics and became a businessman.

If anyone is proof that South Africa's economy has been transformed so that it not only favours white South Africans, then that person is Mr Ramaphosa.

He has built a sizeable investment company, with interests in mining, energy, fast food, and telecommunications, has held positions on several boards, and owns a suite of properties and luxury villas.

His deep links with the private sector have reassured markets during the recent period of uncertainty, but also set Mr Ramaphosa at odds with elements of the ANC which argue that democracy has delivered political equality to South Africans, but many residents still lack economic freedom.

And if anything is going to come back to bite him during his probable presidency, it will likely be a result of his business dealings.

Among the controversies he has faced is the role he played in the Marikana massacre in which police shot dead 34 striking miners and injured a further 78.

An inquiry into the killings revealed that instead of the former union boss arguing for better conditions for workers, he had supported sending police in.

Real change must come from within ANC

Although he spent nearly two decades in the private sector, he maintained his connections to the ruling party, eventually making his political comeback in 2012 when he was elected deputy president of the ANC, and then the country.

Five years later, he defeated Mr Zuma's ex-wife, Nkosasana Dlamini-Zumu, and was elected president of the ANC, putting him on track to become South Africa's next leader.

If Parliament gives his leadership its tick of approval, Mr Ramaphosa's attention will immediately be focused on preparing his party and winning back voters, as next year's general election approaches.

The party of South Africa's liberation has recently seen support among its core working class slip away in major urban areas, and some of its strongholds have been challenged — and in some cases won over — by opposition parties.

At the root of voters' disenchantment has been the party's failure to deliver on its promise to build more houses, and provide basic services to the millions of people who still live in flimsy dwellings, draw their water from communal taps and do not have proper toilets.

Two decades after the end of apartheid, schooling is patchy, much of the healthcare is rudimentary, and the level of violent crime is terrifying.

And then there is entrenched corruption, and state capture, which has seen the Government's core decision-making functions heavily influenced by private interests.

Speaking this week at the celebrations of Mr Mandela's release, Mr Ramaphosa said South Africa had an opportunity for renewal and rebuilding, and to reaffirm its vision of a non-racial society and a country for all its people.

It was a bold and inspiring plan when he originally signed up to it all those years ago, but it has proven difficult to implement.

It is hard to overlook the fact that for many South Africans life under ANC rule is not dissimilar to life during apartheid.

If Mr Ramaphosa is to change that, his mentor's vision may not be enough.

He will also need to search deep within the soul of the ANC, and tackle some of the ruling party's own demons.</s>related media assets (image or videos) available. Click to see the gallery.

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Cyril Ramaphosa was elected as South Africa's president in a parliamentary vote on Thursday after scandal-ridden Jacob Zuma reluctantly resigned on orders from the ruling African National Congress.

CAPE TOWN: Cyril Ramaphosa was elected as South Africa's president in a parliamentary vote on Thursday and pledged to tackle endemic corruption after scandal-ridden Jacob Zuma resigned on orders from the ruling African National Congress.

The road back to prosperity and self-respect under Ramaphosa, 65, who became ANC head in December, will be long and hard in a nation still polarised by race and inequality more than two decades after the end of white-minority rule.

Still, Zuma's departure late on Wednesday provided evidence of the strength of South Africa's democratic institutions, from the courts to the media and the constitution.

Ramaphosa, in brief remarks to parliament ahead of his first state of the nation address expected on Friday, said he would work hard "not to disappoint the people of South Africa".

"The issues that you have raised, issues that have to do with corruption, issues of how we can straighten out our state-owned enterprises and how we deal with state capture (influence-peddling) are issues that are on our radar screen," he said.

Ramaphosa was elected unopposed as Zuma's permanent successor by parliament, and confirmed in the post by South African Chief Justice Mogoeng Mogoeng, who had earlier read out the former president's resignation letter.

Ramaphosa was expected to be sworn in later on Thursday, and to make any changes to the cabinet after his address on Friday.

The rand, which has gained ground whenever Zuma ran into political turbulence, soared to a near three-year high against the dollar on word of his resignation.

South Africa's main stock market index jumped nearly 4 percent and headed for its biggest one-day gain in more than two years as investors hailed Zuma's exit after nine years in office rife with allegations of sleaze and mismanagement.

Ratings agency Moody's said it was closely monitoring developments in South Africa, focusing on the policy implications of Zuma's political demise.

The S&P Global agency said South Africa's sovereign credit ratings and outlook will not be immediately affected by the change of the country's leadership.

Ramaphosa, who will be president until elections next year, faces an uphill battle to earn back public and investor support.

But his stated commitment to boosting growth and stamping out graft has gone down well with foreign investors and ANC members who felt Zuma's handling of the economy could seriously damage the party in the 2019 election.

Africa's most developed economy needs faster economic growth if it is to reduce high unemployment - currently at 27 percent - and alleviate persistent, widespread poverty that aggravates inequality and stokes instability.

The economy, Africa's most advanced, remains largely under the control of whites who held power under apartheid.

The 75-year-old Zuma said in a 30-minute farewell address to the nation he disagreed with the way the ANC had thrust him towards an early exit after Ramaphosa replaced him as party president, but would accept its orders.

"Zuma did the right thing to resign. Yes, let's see what Ramaphosa is having for us, thank you," said Hlengiwe Mswazi, an office worker in the capital Pretoria.

Tshepo Kgobane, also in Pretoria, said: "So it is a good thing that he resigned. We must have a party, a big party, we must throw a party because he resigned. We wanted to see that."

Zuma bowed out hours after police raided the luxury home of the Gupta family, the Indian-born billionaire allies of the former president who have been at the centre of corruption accusations against Zuma and his circle for years.

Zuma and the Guptas have always denied wrongdoing.

"GOING, GOING, GONE"

"Defiant in defeat" and "Going, Going, Gone" were among the newspaper headlines that captured Zuma's unwillingness to leave.

"South Africa's long nightmare is over," read the headline from online political news website Daily Maverick.

Julius Malema, leader of the far-left Economic Freedom Fighters (EFF), led his party in a mass walkout from parliament on Thursday, saying it would not take part in the election of a new president so as not to legitimise an ANC candidate.

The EFF, which has six percent of the seats in parliament, had sponsored a no-confidence motion in Zuma that would have gone ahead on Thursday had Zuma not jumped.

The foundation set up to guard the legacy of the late anti-apartheid icon and first black South African president Nelson Mandela said Zuma's departure brought to an end "a painful era for the country".

"One chapter in South Africa's political soap opera has finally ended with the resignation last night of President Jacob Zuma," NKC African Economics analysts wrote in a note.

"It would be gratifying to see the dedication and purpose the ANC put into ridding itself of Zuma now be directed into rebuilding the economy, dealing with the corruption still residing in the ANC and improving its shoddy governance record."

South African police said officers had arrested eight people so far in its investigations into high-echelon influence-peddling revolving around the Gupta family.

Chief prosecutor Shaun Abrahams declared Ajay Gupta, one of the three Gupta brothers, a "fugitive from justice" after he failed to hand himself in. Abrahams provided no further details.

State broadcaster SABC said a Gupta family member was among those detained, while a senior judicial source said police were expected to arrest up to seven more people and that Gupta family members would be among them.

Police said the raid on the Gupta estate was in connection with a state-funded dairy farm, which prosecutors last month called a "scheme designed to defraud and steal".
Jacob Zuma resigns as President of South Africa effective immediately, following an ultimatum issued the day prior by African National Congress that ordered Zuma to step down as head of state or face a vote of no confidence by the South African Parliament to remove him from power within 48 hours of the declaration. Cyril Ramaphosa takes over as Acting President.