The margin of the ANC’s election victory is within the range anticipated by most analysts and has buoyed financial markets. President Cyril Ramaphosa is now expected to implement structural reforms to revive an economy that has expanded by less than 2% annually for the past four years.
The rand gained for a fourth straight day against the dollar on Friday, advancing 1.3% to 14.1597. Government rand bonds firmed.
The ruling party has Ramaphosa to thank for halting its decline. The ANC won 57.5% of the votes cast in May 8 national elections, the final tallies show. The party looked to be in danger of losing its majority when its support slipped to a record low of 54.5% in municipal elections three years ago, as many of its supporters boycotted the vote in protest at then-President Jacob Zuma’s immersion in a series of scandals.
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