South Africa sailed firmly into unchartered political waters when national election results showed the ANC’s share of the vote drop to 40% – an incredible 17 percentage points lower than 2019. Most, though not all, of these votes went to the new MK Party, headed by former President Jacob Zuma. Ironically, Zuma is still technically an ANC member.
While the election outcome was a surprise (the local and international investment community expected ANC support in the 45% - 50% range), it also suggests that South Africa’s democracy is maturing. Despite its big losses, the ANC quickly accepted the outcome. South Africa will be governed by a formal or informal coalition over the next five years, but what form that coalition takes is yet to be determined at the time of writing.