"A new dawn is upon us", he said in a speech in parliament that drew applause but was criticized by the opposition as short on meaningful solutions.
Buhari congratulated Ramaphosa on his twitter handle saying: "Congratulations also to the African National Congress (ANC), and the Government and people of South Africa, on the peaceful transfer of power that resulted in the election of President Ramaphosa".
Cyril Ramaphosa has delivered his first State of the Nation Address as president of South Africa.
"It was very good, very strong", said Nzimande, the former higher education minister who became a political enemy of former president Jacob Zuma and was sacked by him late previous year.
Also, did the President mean his national duties as President of the country or as leader of the ruling party Kanu, or both?
"We must understand that tax morality is dependent on an implicit contract between taxpayers and government that state spending provides value for money, and is free from corruption", the President said.
It is this status that allows it to speak of "deploying out cadres" to various offices such as the presidency or even to the business world, as it did with Cyril Ramaphosa.
"Zuma's exit may be followed by a cabinet reshuffle, greater efforts for fiscal consolidation and further governance changes at state-owned enterprises", UBS analysts said.More news: Chelsea bomber sentenced to rot away in prison
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"The recent action we have taken at Eskom to strengthen governance‚ root out corruption and restore its financial position is just the beginning".
He said a commission of inquiry recently appointed to investigate cases of alleged influence peddling in government by prominent businessmen would commence soon.
When Zuma made him the nation's deputy president in 2014, Ramaphosa became the heir apparent to South Africa's presidency.
The new president managed to immediately diffuse any tension in the chamber by starting off his speech with a joke for Economic Freedom Fighters' leader, Julius Malema, drawing a laugh from Juju.
During the talks, the two leaders agreed to work together for a promising future, especially as Morocco and South Africa are two important poles of political stability and economic development. And this we will continue to do regardless of who the President is.
His predecessor, Jacob Zuma, stepped down on Wednesday after pressure from the governing ANC party. Eight people, including a member of the Gupta family, have already been arrested as part of an investigation into alleged corruption involving the Guptas, who deny any wrongdoing.
When Speaker Baleka Mbete called upon Ramaphosa to deliver his address, the whole National Assembly took to their feet once again. He faces numerous corruption allegations. Facing waning electoral support for his party, Ramaphosa needs to avoid alienating ANC members still loyal to the 75-year-old former president. Ramaphosa has promised to fight graft.
The Nelson Mandela Foundation welcomes Zuma's departure but says the state must act against "networks of criminality" that have hurt South Africa's democracy.