South African Vice President Ramaphussa was elected Chairman of the ANC

South African Vice President Cyril Ramaphosa was elected Monday as chairman of the ANC in South Africa, which will set the tone for South Africa and the non-Congress struggling with the scandal.

Ramanfusa, now 65, has been a businessman and is currently one of the richest men in South Africa. As chairman of the ANC, he may become the next president after the 2019 general election.

Ramaphosa promised to fight rampant corruption and revive the economy. Such messages are welcomed by foreign investors.

South African President Zuma was put in a corruption scandal that severely damaged the image of the ANC at home and abroad. The ANC, led by Nelson Mandela, is now torn apart.

In Monday's vote, Lama Fosa defeated the 68-year-old former interior minister, his ex-wife Nkosazana Dlamini-Zuma, with a slight margin. This was a crucial moment for the ANC, where the party opened black rule 23 years ago under Mandela.

As the market is expected to win in Lafusa, South African rand rose to a nine-month high of 12.5200 earlier. Government bonds also closed higher before the news of the victory in Ramalova.