Ramaphosa’s Re-election Sees Rand Strengthen Against the Dollar: “The Rand Loves Cyril Ramaphosa,” SA Says

• The rand is now stronger against the US dollar thanks to President Cyril Ramaphosa's re-election as ANC president
• The local South African currency strengthened against the dollar by over 2% when news spread about Ramaphosa's victory
• President Ramaphosa won the ANC presidency when he garnered 579 votes more than his rival, former health minister Zweli Mkhize

JOHANNESBURG – President Cyril Ramaphosa's re-election as the leader of the African National Congress (ANC) has had some positive consequences for the South African rand.

The rand strengthened by over 2% against the US dollar on Monday, 19 December, following Ramaphosa's landslide victory against former health minister Zweli Mkhize.

According to The Wall Street Journal, SA's local currency was R17.55 to the dollar when trading opened but dropped to R17.22 just after midday when news that the president secured a second term spread like wildfire.

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Here's what South Africans are saying about Ramaphosa's victory strengthening the rand:

@MalelaThapelo said:

"From now on, the rand will decide who will be our president."

@MsPuleng claimed:

"Overall it has lost 29% since he became president."

@braluu celebrated:

"My president."

@Morweng14 joked:

"Imagine how stronger the rand would have become if the first DSG had picked it up like she promised the country during the Zupta era."

@iitzBez accused:

"Don't get excited, Ramaphosa will bring it back down soon enough. #Corrupt"

President Cyril Ramaphosa beats Zweli Mkhize by 579 votes

President Ramaphosa clenched victory over former health minister Zweli Mkhize by securing 2 476 votes while his opponent only bagged 1897, News24 reported.

Two delegates were allegedly caught taking pictures of their ballot papers in direct violation of election procedure. The delegates opted to give up their voting privileges instead of being criminally charged for the offence.

Read also

Cyril Ramaphosa re-elected as president of ANC, clenching sweeping victory over Zweli Mkhize

ANC elective conference: Ramaphosa says project to unite ANC has failed as announcement of new top 7 loomed

In a related story, Briefly News reported the African National Congress (ANC) was expected to reveal the names of the top seven candidates elected through the 55th national elective conference on Monday, 19 December. However, as the announcement loomed, President Cyril Ramaphosa conceded that his project to unite the ANC had failed.

President Ramaphosa told delegates that despite efforts over the last five years to sow unity and cohesion within the ANC, the party remained divided.

Both Ramaphosa and Deputy President David Mabuza touched on the divisions in the ruling party while addressing delegates in separate rooms.

Source: Briefly News