The leadership of the Fedusa has extended its well wishes to Cyril Ramaphosa after he was elected as the new president of the ANC. Picture: Xinhua/Dave Naicker

Johannesburg - The leadership of the Federation of Unions of South Africa (Fedusa) has extended its well wishes and congratulations to Cyril Ramaphosa after he was elected as the new president of the African National Congress (ANC).

Ramaphosa was elected at the 54th Elective Conference at the Nasrec Expo in Johannesburg on Monday, where some 4 700 delegates cast their ballots.

Fedusa said that the news of Ramaphosa’s election comes as a relief to restore much needed confidence in both the political and economic stability of South Africa.

Read more: #ANC54: Ramaphosa willing to tackle corruption, #StateCapture - Outa

Fedusa General Secretary, Dennis George said: "The federation anticipates that this much needed early Christmas present will go a long way in the restoration of investor confidence, strengthen the currency and ward off all possible considerations of a downgrade by ratings agencies, who have closely monitored the situation with bated breath.

"This is certainly an opportune time for Ramaphosa to rise to the occasion by demonstrating his ability to reshape and formalise a renewed outlook for South Africa’s financial markets and the economy overall."

African News Agency/ANA