According to BBC News, the President of South Africa [VIDEO], Jacob Zuma announced he will resign and will be replaced by Cyril Ramaphosa. Zuma was forced to resign after facing allegations of corruption. Zuma has said he has done nothing wrong. Zuma even said he was being victimized.

Jacob Zuma [VIDEO] has been in office since 2009 and refused to give up his power for a week. Parliament was expected to give a no-confidence motion next week. He managed to survive multiple attempted ousts. The African National Congress has decided to recall Zuma. Ramaphosa was behind the weakening of Zuma's power.

Jacob Zuma gives televised announcement

Jacob Zuma announced his resignation on live television.

He started out joking with the press and then paid tribute to those he worked with since he became president. Zuma said his decision was based on the violence and division that has plagued the ANC. Zuma says that he will continue to serve the people and the ANC.

Prior to his formal announcement, police raided and made arrests at the home of one of his associates, the Gupta family. It's alleged that the Guptas used their friendship with Zuma to wield political power. They deny these allegations.

Ramaphosa has a lot to clean up

Cyril Ramaphosa faces an onslaught of issues that need to be cleaned up. Currently, South Africa is plagued with high unemployment and low growth. According to NBC News, Cape Town is expected to run out of water within a matter of weeks. Ramaphosa also faces a divided ANC, which has been since Mandela was released from prison.

Ramaphosa is best known for being a businessman and has an estimated wealth of $675 million. As head of the ANC, South Africa's currency has strengthened, and business leaders have become more optimistic about the country's future. Ramaphosa was once the head of the National Union of Mineworkers and nonexecutive director of a UK based platinum corporation. Ramaphosa was the main negotiator during the transition from white minority rule to democracy in the late 90s.

The African National Congress accepted Zuma's resignation and praised Zuma for his "loyal service." Zuma has been criticized for failing to deliver on his promise of a rainbow nation of prosperity. His country has become one of the world's top unequal countries, causing many blacks to live in horrific conditions, similar to what was experienced when the white nationalist government was in power.