Cyril Ramaphosa, elected South Africa’s new president

Ramaphosa delivering his speech at Cape Town

CAPE TOWN , South Africa — Cyril Ramaphosa was elected by Parliament as South Africa ’ s president Thursday , marking a turning point for the country after the slow- motion collapse of the once -legendary ruling party under Jacob Zuma.
Zuma resigned on Wednesday night under mounting pressure from the party , the African National Congress , leaving both the leadership of the ANC and the continent ’ s second -biggest economy in the hands of Ramaphosa.
After the parliamentary vote , Ramaphosa addressed the nation, declaring, “ Our intent is to continue to improve the lives of our people. ” The businessman was later sworn in as South Africa’ s fifth post-apartheid president . The South African stock market jumped 4 percent on the news .
Like Zuma, Ramaphosa rose to prominence as a young man fighting the white- minority apartheid regime in the 1970 s and 1980 s. He went on to become a union leader and one of the nation’ s wealthiest black business executives .