Trade unionist-turned-businessman Cyril Ramaphosa was sworn in as South Africa&#...
PRETORIA - Trade unionist-turned-businessman Cyril Ramaphosa was sworn in as South Africa’s president on Saturday, vowing to create jobs and tackle deep-rooted corruption that has strangled economic growth.
“Let us forge a compact for growth and economic opportunities, for productive land and wider opportunities ... A compact of an efficient, capable and ethical state. A state that is free from corruption,” said Ramaphosa, a former anti-apartheid activist and trade union leader who has wide-ranging business interests.
Since then he has struggled to mend factions in the party opposed to his reform plans, especially at cash-strapped state power supplier Eskom. His promises to punish party members accused of corruption have also stuttered. The economy is set for a first quarter contraction after mining and manufacturing weakened, prompting the central bank to cut its 2019 growth forecast to 1%, well below the rate of at least 3% needed to bring down debt, budget deficits and joblessness.
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