Standard Bank urges Ramaphosa to lift economy

JOHANNESBURG — South Africa’s biggest lender by assets, Standard Bank, has urged the newly-elected leadership of the ruling African National Congress (ANC) party to urgently implement sweeping reforms to restore investor confidence and reverse economic decline.

Cyril Ramaphosa, a 65-year-old union leader who became a businessman, won the leadership of the ANC this week on promises to fight corruption and revitalise Africa’s most industrialised economy. That message has been welcomed by investors who have largely held back their capital during President Jacob Zuma’s scandal-plagued presidency.

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