[miningmx.com] – THE appointment of Cyril Ramaphosa as the ANC’s deputy president has been welcomed as a pro-business addition to the party’s upper structures and was heralded by gains in the rand yesterday.
The rand extended gains to a more than two-month high, firming to R8.52/$ after the announcement of the election results, BDLive reported.
“Analysts and business leaders said the choice of the billionaire businessman and former mining union leader as deputy president would make the ANC a more business-friendly party,” BDLive said.
Ramaphosa received the most votes among the party’s top six leadership positions, with 3,018 delegates supporting him, it said.
However, there are concerns that Ramaphosa’s broad business interests, which includes a 50% stake in Incwala Platinum, Lonmin’s empowerment partner, will bring him into conflict with his political career.
In terms of ANC regulations applying to officials who are not public representatives or a member of the executive within the government, Ramaphosa is not currently required to disclose business interests.
Ramaphosa will serve as part of Jacob Zuma’s second term as president of the ANC after the country’s president was given overwhelming support by the party at its elective conference in Mangaung.
Black Business Council spokesman Sandile Zungu said on Tuesday it was “very happy” with Zuma’s re-election, as it would ensure continuity in the government’s direction, reported BDLive.
He also welcomed Ramaphosa’s election, saying he understood the nuances of leadership and the needs of a thriving business sector.
