The empty African National Congress booth at the National Results Operation Centre of the Electoral Commission of South Africa , which serves as an operational hub where results of the national election are displayed, in Midrand, South Africa, June 1, 2024.
International bonds lost as much as two cents, with some longer-dated maturities trading below or close to the 70 cents in the dollar mark below which debt is considered distressed. Potential partners for the ANC are the centre-right Democratic Alliance , the far-left Economic Freedom Fighters party, or former President Jacob Zuma’s newly-formed uMkhonto weSizwe party, in second place and a surprise strong performer in the ballot.
The stakes are high, as the new government will have to tackle long-term problems, with South Africa’s economic growth averaging just 0.8% since 2012, unemployment among the highest in the world, and power cuts ever present.