Ramaphosa said in December last year‚ after he was elected ANC president‚ that he and the ANC leaders were had a new resolve to rid it of all the bad things that had been happening in the past. Ramaphosa is in pole position to take over from him.
It firmed by nearly 4 percent against the U.S. currency to R12.55.
The raid at Magashule's offices in the province of Free State, where he's the outgoing premier, is part of a probe into allegations that funds allocated for a dairy and farming project illicitly went to members of the Gupta family, who're friends with Zuma and are in business with his son.
South Africa is utilising WEF Davos 2018 to bring attention to the significant centenary celebrations of late iconic global leader, Nelson Mandela.
John Cairns, the Rand Merchant Bank's (RMB) currency strategist, said: "Domestic political developments will spur yet further optimism towards the rand".
"The wheels of change are moving now and they are going to start speeding up", Ramaphosa said Wednesday in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland.
Government has appointed businessman Jabu Mabuza as the new chairperson, with Phakamani Hadebe, as the acting group chief executive.
"The Mining Charter needs to be discussed thoroughly with key role players, so that we can find a solution to unlock the mining industry for South Africa to benefit from the commodity boom". On Monday it sold a stake in investment firm PSG Group for 7.1 billion rand ($600 million), after securing 60 million euros ($75 million) from South African lenders the previous week.
"Investors have a much more optimistic view of South Africa than a year ago", he said, adding that South Africa has had a stable political transition and that there is a strong commitment to address the issue of state capture (corruption).
"We are talking, we are exchanging views", he said.
She also mentioned government also announced several measures to strengthen governance at Eskom.