President Cyril Ramaphosa’s ANC lost its parliamentary majority for the first time in 30 years in last month’s elections. It got 40% of the vote, while the Democratic Alliance (DA) came second with 22%.
The new government of national unity combines Ramaphosa’s ANC, the centre-right DA and smaller parties.
Ramaphosa, 71, won the late Friday vote against Julius Malema, leader of the far-left Economic Freedom Fighters (EFF). Ramaphosa got 283 votes and Malema just 44. Parliament earlier in the day also elected Thoko Didiza of the ANC as Speaker and Annelie Lotriet of the DA as Deputy Speaker.
Yael Geffen, chief executive officer of Lew Geffen Sotheby’s International Realty, hails this decision as "the most selfless and mature" action taken by the ANC since Jacob Zuma's presidency began in 2009.
Geffen draws a parallel to Neil Armstrong’s historic moon landing.
“To mangle Neil Amstrong’s famous words when he stepped onto the moon, this was ‘one small step for South Africans’, but we need to keep the celebration in proportion because our giant leap will be when we start seeing real economic growth; a real economic turnaround," Geffen said.
“The good news is that as a people, as a nation, we can now look to a future that contains a real prospect of prosperity for everyone, rather than just the few that we have seen since mid-2009.
“The pillaging of our State assets will take time to die, but the checks and balances that should have been in place years ago, will start being enforced, and the culture of corruption will wither in the years to come. That gives us as a country and an economy a chance to grow and prosper.”
Geffen says this news will undoubtedly buoy international investor confidence in the future of South Africa, and in turn boost the property market in the mid-term.
“The outlook is certainly more positive than it was a month ago.”
The presidential inauguration is being held at the Union Buildings in Pretoria on Wednesday, 19 June, 2024.
Note: This article has been updated.
