South Africa’s New Parliament Gathers to Decide on President Amid Coalition Talks

South Africa‘s newly elected National Assembly has convened to choose the country’s next president in a pivotal moment following the recent general elections. President Cyril Ramaphosa seeks a second term at the helm, with the African National Congress (ANC) facing the prospect of forming a coalition government after a dip in its long-held majority.

The ANC, which secured 40 percent of the vote, is expected to rely on the support of other parties to secure Ramaphosa’s return as president. Amid ongoing coalition talks, a reported unity government deal between the ANC and key party Democratic Alliance (DA) – which won 21 percent of the vote – is shaping discussions.

Parties like the Inkatha Freedom Party and Patriotic Alliance are also part of the reported agreement. Uncertainty looms over the stability of the potential coalition government as negotiations unfold, with notable implications for South Africa’s economy amid the country’s recent struggles.

Economists and the markets have reacted to the developing coalition talks, signaling that the government’s stability is paramount for economic prospects. The parliament meeting is anticipated to be lengthy, starting with the election of a speaker and deputy speaker before the crucial vote for the president.

With a deadline looming, the ANC is under pressure to finalize coalition agreements given the constitutional requirement to elect the president within 14 days of election results being declared. The parliamentary session, taking place in a unique setting due to a previous fire incident, will witness the culmination of intense negotiations and political dynamics.