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The Chamber's Neil Diamond warned...
that political stability was a core pillar of the South African economy and that a possible resignation by Ramaphosa would have devastating implications.
SABC News in South Africa reported on President of the South African Chamber of Commerce in the USA, Mr Neil Diamond that welcomed the re-election of Cyril Ramaphosa as President of the ANC. This will definitely calm investor sentiment and increase business confidence after recent weeks of uncertainty. This is a good event for the Rand that has performed poorly in 2022.
“This is great news for the country and brings certainty on both political and economic front as the country pursues the recovery of the economy and deals with the energy crises “
President Ramaphosa's victory paves the way for his re-election to a second term as South Africa's President in 2024 and hopefully restore unity in the deeply divided ANC.
The SA Chamber USA believe that the President received a strong mandate from branches of the ruling ANC and Ramaphosa increased his margin of victory from 179 votes in 2017 to strong margin of 579 votes in 2022. The President has won the support of his Party.
Mr Diamond said that “It is the view of international business that Ramaphosa will restore stability to the political environment in South Africa and that is a key factor to the success of the economy”.
The SA Chamber USA believes that another 5 years will give Cyril Ramaphosa enough time to make meaningful changes and implement some of the important policies needed by the South African economy and people.
As the voice of South Africans in the USA, Mr Diamond said there is also a hope among the diaspora that the President will get a chance to deal with the issues facing South Africans such as energy, employment and investment in critical infrastructure.