South African President, Jacob Zuma, resigns

South African President, Jacob Zuma, resigns”

Mogoeng congratulated Ramaphosa once he officially signed and sealed the oath of office.

Other corruption allegations have centred on the three Gupta brothers, who are accused of unfairly obtaining lucrative government contracts and even being able to choose Mr Zuma's ministerial appointments.

The court ordered lawmakers to create rules to regulate a president's impeachment, raising the possibility that a sitting Zuma would have faced proceedings this year.

All this illustrates the mammoth task that awaits Zuma's successor, Cyril Ramaphosa.

Financial markets have rallied since Ramaphosa took over from Zuma as ANC leader in December, as investors warmed to his pledges to straighten out the country's struggling state-owned enterprises and woo overseas investment.

The new leader, one of South Africa's richest businessmen, was also chairman of the committee that prepared former President Nelson Mandela for release from prison in 1990.

He says he will outline his policies in a state of the nation address on Friday evening.

The organisation walked out of parliament which sat to elect a new president this afternoon following Jacob Zuma's resignation as state president last night.

In his first presidential speech Mr Ramaphosa, 65, said he would tackle the corruption which allegedly became widespread under Mr Zuma.

None of the opposition parties nominated a candidate.

"So, that we can bring a new beginning to South Africa". The party had said parliament would hold a no-confidence vote against Zuma on Thursday, if he did not resign immediately.

The parliament president, Baleka Mbete, announced the procedure will be carried out this afternoon and after his approval, the new President will address the Nation tomorrow.

In dramatic scenes, Ramaphosa and top ANC officials left an all-night party executive meeting outside Pretoria in a heavily-guarded police convoy to drive to Zuma's residence to again demand he resign - which Zuma flatly refused.

He has said his priority is reviving South Africa's battered economy.

The accused were released on bail ranging from 10,000 rand ($857) to 200,000 rand with strict conditions and are scheduled to appear again in court on August 17, the Hawks said. Zuma has denied wrongdoing.

ANC tradition is that the party leader is the state president; when Thabo Mbeki was defeated as party leader in 2008, he resigned the presidency following his recall by the party.

"Honourable acting president, do you accept the nomination?"

Mr Zuma has been facing corruption claims.

The ANC now must try to rebuild its reputation ahead of next year's elections.

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.

The 400-member parliament, dominated by the ruling African National Congress party, is expected to select Ramaphosa to finish his predecessor's term, which ends with elections in 2019.

He leaves office with several scandals hanging over him, and with South Africa's economy in dire straits.

The South African currency strengthened against the dollar in early trading Thursday after Zuma's resignation, which ended a leadership crisis that had stalled some government business.

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