JOHANNESBURG - South Africa's ruling party African National Congress (ANC) elected Cyril Ramaphosa on Monday to be the party's president for the next five years.

Ramaphosa who is the party and country's deputy president had a tight contest with the former AU Commission chairperson, Nkosazan Dlamini-Zuma for the ANC president position. The elections were conducted by EleXions Agency.

EleXions Agency Director Bontle Mpakanyane, when announcing the results said, "Nkosazana Dlamini Zuma got 2,261 and Cyril Ramaphosa got 2,440. I therefore declare Cyril Ramaphosa as president of the African National Congress."

Ramaphosa's election into ANC president was welcomed by some experts who believe the new leader will inspire confidence of the markets and investors.

"We expect economic reforms under Ramaphosa, boost for business confidence and creditable leadership. Under Ramphosa's administration we expect investor and business confidence to increase," said Peter Draper, managing director of Tutwa Consulting.

Ramaphosa will also fight to remove corruption in the country, according to Draper.

During his addresses before election, Ramaphosa spoke against state capture and corruption. He called for the country to quickly address the state capture allegations by appointing the Judiciary Commission to investigate it and arrest those involved in corruption. He also called for the recovery of the money lost in the state capture and corruption to be used for developmental purposes.

"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.