The 2024 general election marked a significant shift in South Africa’s political landscape, as the ruling party, the ANC, lost its long-held majority, garnering only 40% of the vote. The outcome has set the stage for a new era of coalition politics, with the ANC needing to form alliances to govern effectively.
In the aftermath of the election, the ANC faces immense pressure not to form what has been dramatically termed a “Doomsday Coalition” with the left-leaning EFF and the uMkhonto weSizwe Party (MKP) led by former president Jacob Zuma.
Instead, Capital (big business and market speculators) are agitating for a centre-right coalition between the ANC and the DA, the official opposition party that received just over 21% of the vote. Failing that, a government of national unity has been proposed as an alternative.
Capital believes an ANC-DA coalition is the best outcome for South Africa because it would maintain the country’s economic policies and slightly improve its fiscal and growth outlook. The DA is seen as a pro-business party that would ensure economic liberalisation and prudent public spending.
