Cyril Ramaphosa faces a tough road ahead as South Africa’s new president after Jacob Zuma’s resignation late Wednesday ended nine years of his scandal-marred administration.

As Jacob Zuma’s nine-year tenure as South African president entered its final hours, he remained defiant, calling the ruling party’s push to remove him “unfair.”

South Africa’s ruling party decided that its newly elected leader Cyril Ramaphosa will replace Jacob Zuma as president but set no time frame for a transition of power.

Stocks surged the most since December 2014, the rand rallied to a three-year high and bond yields fell to a level last seen more than two years ago as market favorite Cyril Ramaphosa took the helm of Africa’s most industrialized economy.

The noose tightened on South African President Jacob Zuma as the police went after key allies while leaders of the ruling African National Congress vowed to force him from office.

South Africa’s ruling African National Congress decided to tell President Jacob Zuma to step down after he refused the top party leadership’s request for him to resign voluntarily, according to five people familiar with the matter.