Ruling ANC loses majority in parliament

[Pelican Press 0]

Ruling ANC loses majority in parliament

Voters during the South ******* General Elections on May 29, 2024 in Johannesburg, South *******. 

Gallo Images | Gallo Images | Getty Images

South *******’s governing ******** National Congress lost its parliamentary majority of 30 years, in the country’s most sweeping political shift since the end of the apartheid.

Popular support for the ANC during the May 29 vote came in at 40%, with the Democratic Alliance (DA) at 21.8%, and the Marxist Economic Freedom Fighters (EFF) clinching 9.5%,

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with 99.9% of the votes counted. The six-months-old uMkhonto weSizwe party of the country’s former president Jacob Zuma, established in December, clinched 14.6% of votes.

The result marks a meteoric fall for ANC from the 57.5% wrested during the previous election of 2019 — at the time, the party’s weakest feat since South *******’s first democratic vote in 1994. Long regarded as a symbol of liberation, the ANC has been on the backfoot in a battle with the practicalities of governance in recent years, amid a rise in systemic issues such as declining living standards, chronic power outages,

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and unemployment of almost 33%. In 2022, the

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“Top-of-mind issues for voters are unemployment, loadshedding, ***********, and ******, which have all taken a toll on the country’s growth performance for years,” analysts at Deloitte

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.

Unlike the party’s hero Nelson Mandela, who freely formed a power-sharing coalition to bridge distrust with rival parties in the fledgling years of South *******’s democracy, the ANC’s incumbent leader Cyril Ramaphosa, 71, will have to negotiate a coalition to retain dominance — kickstarting a stretch of talks and uncertainty over the country’s political direction.

Investors will be watching how this changes the course for South *******’s economic growth,

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by the International Monetary Fund.

Inflation persists stickily at

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, above the South ******** central bank’s objective of 4.5%, where Governor Lesetja Kganyago says the print will stabilize in the second quarter of next year. The bank on Thursday held its main interest rate at 8.25%.

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