Cyril Ramaphosa was sworn in for another term as South Africa’s president, three weeks after elections stripped his party of its parliamentary majority and forced it into a power-sharing alliance with long-time rivals.
Ramaphosa took the oath of office before Chief Justice Raymond Zondo in the Nelson Mandela amphitheater at the 111-year-old Union Buildings in the capital, Pretoria, on Wednesday. Nigerian President Bola Tinubu, Democratic Republic of Congo leader Felix Tshisekedi and Zimbabwe’s Emmerson Mnangagwa were among the dignitaries at the ceremony.
The African National Congress, which had ruled the country outright since apartheid ended three decades ago, garnered just over 40% of the vote in May 29 elections, with millions of its supporters either backing a splinter party led by its former leader Jacob Zuma or staying away from the polls amid widespread disgruntlement over high levels of poverty, unemployment and crime.
The main opposition Democratic Alliance and four other parties have agreed to the ANC’s proposal to join a so-called government of national unity and back the 71-year-old Ramaphosa’s reappointment. In exchange, they will be allocated posts in the cabinet and parliament, though details still have to be negotiated.
Participants in the new administration have agreed to prioritize growing the economy, attracting more investment, instituting structural reforms and ensuring state finances are sustainably managed.
The rand traded at a level stronger than 18 per dollar for the first time in more than 10 months and the benchmark equity index in Johannesburg jumped to a record high on Wednesday. The rally has been spurred by expectations that the inclusion of business-friendly parties in the government will add impetus to reforms Ramaphosa initiated to tackle power shortages, logistics snarl-ups and other impediments to growth.
During his previous five-year term Ramaphosa, drew criticism for consulting extensively before acting. While his opponents have derided him as indecisive, he’s adamant his approach won’t change.
“Those who would like a president that is dictatorial who is adventurous, who is reckless, will not find that in me,” he told young professionals last month. “In me they will find a president who wants to consult. All these processes have often been seen as, ‘he is weak, he is not decisive.’ I am decisive, but I want to take people along with.”
While Ramaphosa has previously pledged to trim the size of his cabinet to cut costs, he may be forced to backtrack to accommodate both politically powerful individuals within the ANC and its new partners.
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