South Africa's Cyril Ramaphosa, the new leader of the governing party ANC , said on Thursday he aims to stamp out corruption and pursue a policy of "radical economic transformation" that will speed up expropriation of land without compensation.

Cyril Ramaphosa speaks during an event commemorating the third anniversary of former South African President Nelson Mandela's death in Johannesburg, South Africa, on December 5, 2016.

"This conference has resolved that the expropriation of land without compensation should be among the mechanisms available to government to give effect to land reform and redistribution," he said in his maiden speech delivered in the early hours after a long delay.

Any move by the government to take land without compensation would bring a comparison to neighboring Zimbabwe, which launched a seizure of white-owned commercial farms in 2000.

Ramaphosa, a 65-year-old union leader who became a businessman and is now one of South Africa's richest people, is likely to become the country's next president after elections in 2019, because of his party's electoral dominance. The current embattled leader of South Africa, Jacob Zuma, could remain as president if he is not forced out and does not resign after the change in party leadership.

Ramaphosa has promised to fight rampant corruption and revitalize the economy, a message hailed by foreign investors.

"This conference has resolved that corruption must be fought with the same intensity and purpose that we fight poverty, unemployment and inequality," he said. "We must also act fearlessly against alleged corruption and abuse of office within our ranks."