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Ramaphosa wins ANC presidency, set to become South Africa's next leader

South African Deputy President Cyril Ramaphosa is on course to become South Africa's next leader after garnering 52% of the vote to win the African National Congress presidency against Nkosazana Dlamini-Zuma with 48% of the vote, Bloomberg News reported.

Ramaphosa's victory, Bloomberg said, is a blow to President Jacob Zuma, who campaigned for his ex-wife, Dlamini-Zuma, to replace him and now risks being ousted before his second term ends in 2019.

Ramaphosa, 65, vowed to revive South Africa's stagnating economy and stop the state corruption that has marred Zuma's tenure, Bloomberg said, adding that he was the favored candidate of investors, business leaders, labor unionists and the ANC's communist party allies.

Shortly after Ramaphosa's victory was announced, the rand further gained 2.8% against the U.S. dollar by 8:12 p.m. in Johannesburg, Bloomberg News reported.