‘Markets will like the DA in a governing partnership’

As the ANC yesterday emerged wounded from the 2024 general election, only winning 40.19% of votes – the lowest in 30 years and completely wiped out of power in KwaZulu-Natal by the uMkhonto weSizwe party – analysts said the ruling party’s hegemony was broken, with a market-friendly ANC-Democratic Alliance (DA) coalition the only option.

Markets will respond positively to coalition between ANC, DA

University of South Africa political science Prof Dirk Kotze said: “The ANC’s poor performance was expected. President Cyril Ramaphosa was caught in this trend and could not do anything about it.

“A DA-ANC coalition is what the markets will respond to positively. An ANC-MK-EFF coalition is what markets will respond to negatively.”

Independent political analyst Sandile Swana said: “This election cements the atmosphere of coalitions.

“The monopoly of power and the hegemony of the ANC is now broken. The model of dominant party politics is broken.”

He added: “All parties now have to be humble and understand that citizens are all equal.”

ANC willing ‘to talk to anyone’

With ANC secretary-general Fikile Mbalula maintaining that the party was willing “to talk to anyone” on forming a coalition government and the DA’s federal council chair Helen Zille expressing determination to prevent an ANC-MK-EFF governing partnership, which would spook investors, experts said markets remained on tenterhooks over South Africa’s political future.

“Having considered the results, it is quite clear where the direction of the country is going,” said Mabalula at the Electoral Commission of South Africa results operations centre in Midrand yesterday.

“The Tuesday event to be announced by President Cyril Ramaphosa is not to celebrate but to thank the people of South Africa.

“It is clear that the ANC has won most votes and remains a popular party with six million people having voted for us.

“The ANC also achieved decisive majorities in five provinces.”

He added: “While the ANC has won most votes in this election, we have seen a significant decline in support from previous elections.

“The results show shortcomings in addressing people’s concerns and delivery.

“Over the next few days, the ANC will have talks with other parties on how best to take the country forward,” said Mbalula.

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DA’s decision to rescue South Africa

DA leader John Steenhuisen said: “We will not bury ourselves in the sand but will face up to this challenge – the task of leadership.

“The Democratic Alliance undertook a decision to rescue South Africa from the doomsday coalition. We will be doing this.

“We have initiated exploratory talks with people who share the same view on the South African constitution.”

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