- The result marks a meteoric fall for ANC from the 57.5% wrested during the previous election of 2019 β at the time, the party's weakest feat since South Africa's first democratic vote in 1994.
- 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%, according to the country's electoral commission with 99.9% of the votes counted.
South Africa's governing African National Congress lost its parliamentary majority of 30 years, in the country's most sweeping political shift since the end of the apartheid.
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WATCH HEREPopular 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%, 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 β at the time, the party's weakest feat since South Africa'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, and unemployment of almost 33%. In 2022, the
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SIGN UP "Top-of-mind issues for voters are unemployment, loadshedding, corruption, and crime,Β which have all taken a toll on the country's growth performance for years," analysts at Deloitte .
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 Africa's democracy, the ANC's incumbent leader Cyril Ramaphosa, 71, will have to negotiate a coalition to retain dominance β kickstarting a stretch of talks and uncertainty over the country's political direction.
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Investors will be watching how this changes the course for South Africa's economic growth, by the International Monetary Fund.
Inflation persists stickily at , above the South African 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%.
