South Africa’s new President Cyril Ramaphosa has hailed a “new dawn”, but warns that there will be tough decisions ahead.
Mr Ramaphosa promised to combat corruption, which has weakened state-owned enterprises in South Africa’s industrialized economy.
Mr Ramaphosa has committed to “policy certainty and consistency” as part of his work to repair the stagnant economy of South Africa.
This is in stark contrast to his predecessor, Jacob Zuma, whose unpredictable policy shifts and cabinet changes weakened domestic financial markets and created uncertainty for investors.
“This is the year in which we will turn the tide of corruption in our public institutions,” Ramaphosa said in his inaugural State of the Nation address.
“We are determined to build a society defined by decency and integrity, that does not tolerate the plunder of public resources, nor the theft by corporate criminals of the hard-earned savings of ordinary people.”
“Tough decisions have to be made to close our fiscal gap, stabilize our debt and restore our state-owned enterprises to health.”
Following Mr Ramaphosa’s takeover of leadership, the South African Rand has nearly hit a three-year high and the financial markets are showing signs of improving.