"We expect the markets to welcome his win and also the rand to respond positively to that by strengthening in value. We also expect Ramaphosa to continue with the Pan Africanist foreign policy, continue dealing with China, BRICS and the West. We expect him to have a friendly stance on his foreign policy. He has a good stature locally and internationally." Draper said.

Draper said Ramaphosa's experience in the business makes him acceptable and likely to be acceptable by the business community and investors.

The Minister of Small Business Development, Lindiwe Zulu told Xinhua that the elected leaders should work to unite and grow the party.

"Unity is not an option for any cadre, it's a must. It's not about an individual but about an organization which translate to the people of South Africa. We cannot afford to have ANC going down," Zulu said.

According to the election results, the Mpumalanga premier, David Mabuza was elected the ANC deputy president after beating the Human Settlements Minister, Lindiwe Sisulu. Paul Mashatile becomes the party's treasurer general after beating the International Relations and Cooperation Minister, Maite Nkoana-Mashabane.

The former ANC General Secretary Gwede Mantashe beat the Arts and culture Minister Nathi Mthethwa to become the national party chairperson, while Ace Magashule was elected the party general secretary after beating Senzo Mchunu. Jessie Duarte who was the party deputy general secretary was retained in the same post after beating Zingiswa Losi.

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