https://www.engineeringnews.co.za
Africa|Power
Africa|Power
africa|power

South African parties agree to reelect Ramaphosa as President

Paul Mashatile & Cyril Ramaphosa

Paul Mashatile & Cyril Ramaphosa

14th June 2024

By: Bloomberg

  

Font size: - +

South African political parties that support a broad alliance to form the next government agreed to back the reelection of Cyril Ramaphosa as president.

“We have agreed to cooperate on the president and the national and provincial legislatures,” Fikile Mbalula, the secretary-general of the African National Congress (ANC), said in interview in Cape Town Friday. A framework for a new government of national unity is still being worked out, and “the situation is still very fluid,” he said.

The centrist Democratic Alliance (DA) and the smaller Inkatha Freedom Party (IFP) and Patriotic Alliance have indicated their intention to join the new administration.

Stocks Rally

Investors took heart from the signal of pro-growth policy continuity implied by the choice, driving the Johannesburg Stock Exchange as much as 1.6% higher as the rand hovered around 18.42 per dollar. The yield on benchmark 2035 government bonds fell two basis points to 11.66%, the lowest in almost four months.

The ANC’s Thoko Didiza will become the speaker of the National Assembly, while the deputy position will go to the DA’s Annelie Lotriet, according to people familiar with the negotiations who asked not to be identified because the talks are private. Despite the agreement, nothing is in writing — a key demand of the DA for it to join the new administration.

Parliament began its first sitting on Friday since elections last month failed to produce an outright winner, meaning the ANC will have to partner with one or more rivals if it wants to retain power.

Shortly after legislators began sitting, South Africa’s presidency tweeted a picture of Ramaphosa with two thumbs up and the hashtag #ontrack.

The ANC, which has held power since apartheid ended in 1994, invited all the country’s main parties to join a broad alliance to form the next administration in a so-called government of national unity.

Former President Jacob Zuma’s uMkhonto weSizwe Party, or MKP, and the Economic Freedom Fighters — both favour land expropriation and the nationalization of mines and banks — however declined to participate.

The ANC has 159 of the 400 seats in the National Assembly, the DA 87, the MKP 58, the EFF 39, the IFP 17 and the PA nine.

The EFF said it won’t be part of any administration that includes the DA. But it would agree to back Ramaphosa’s reelection in return for the ANC supporting the appointment of its chairperson, Veronica Mente, as speaker of the National Assembly, its leader Julius Malema told reporters in Cape Town on Thursday. That offer now appears redundant.

The MKP alleged that the election was rigged, but the nation’s top court on Wednesday dismissed its application to stop parliament from convening. The party’s lawmakers boycotted Friday’s sitting.

Zuma, who led the country for almost nine scandal-marred years before the ANC forced him from office, was ruled ineligible to stand for a seat because he was convicted of contempt for refusing to testify before a judicial graft inquiry.

Edited by Bloomberg

Comments

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/07/2024)
12th July 2024 By: Martin Creamer
Magazine image
Magazine round up | 12 July 2024
12th July 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.297 0.356s - 173pq - 2rq
Subscribe Now