The Economic Freedom Fighters (EFF), South Africa's third largest political party, said it would not participate in Thursday's election of a new head of State.

In a media briefing, EFF leader Julius Malema said they would attend a National Assembly sitting at 2pm to call for the dissolution of Parliament so fresh elections could be held following the resignation of Jacob Zuma as president on Wednesday night.

"The EFF has no confidence in the entire leadership of the ANC, and therefore believes that even those who will be elected after Jacob Zuma will be nothing but substitutes in the same corruption game and competition," Malema said.

"If Ramaphosa becomes president, he is simply going to replace Zuma's corruption stooges with his own corruption stooges."

If acting President Cyril Ramaphosa is elected, the EFF will however "give him a chance" and participate in Friday's planned state-of-the-nation address.