Projected election results ‘best possible scenario’ for the economy: Dawie Roodt

South Africa’s electoral authorities are counting the ballots cast in Wednesday’s general elections.

The crucial question is whether the ruling African National Congress will garner enough support to allow President Cyril Ramaphosa to implement economic reforms.

Here are the latest developments, updated throughout the day.

Latest CSIR Projection Puts ANC at 57.5% (14h59)

The Council for Scientific & Industrial Research and the state broadcaster have updated their projections for national results.

They put the ANC at 57.5%, the DA at 21.1% and the EFF at 10.1%. The prediction also shows that the ANC will garner 52.8% in Gauteng province, enabling it to retain control of the economic hub.

An opinion poll conducted by the South African Institute of Race Relations last week showed the ANC would get 53% to 54% of the national vote. An Ipsos survey in April predicted the party will get 61% of the vote.

Vote Results Point to Stability: Efficient’s Roodt (13h08)

“The political arena in South Africa is going to look pretty much the same as it did before the elections,” Efficient Group chief economist Dawie Roodt said in an interview.

“Of course, there are some significant changes – the ANC is a little bit down and some other parties are a little bit up but the reality is that not much is going to change in these elections.

“That is the best possible scenario for the financial markets.”

Smaller Parties Are Getting Hammered (12h40)

The election was always going to be dominated by the ANC, the DA and the EFF, but most of the smaller parties are taking a pasting. W

ith 5.2 million votes counted, Independent Electoral Commission figures show 35 of the 48 parties that contested the national election have polled fewer than 10,000 votes. That means they’re unlikely to secure a single seat in parliament.

ANC Unconcerned About Likely Decline in Support (11h41)

ANC Chairman Gwede Mantashe said his party will still be able to govern on its own nationally and isn’t concerned that its support is likely to decline from the 62.2% it won in the 2014 elections.

Speaking to reporters in the capital, Pretoria, Mantashe also fobbed off concerns raised by some opposition parties that a shortage of ballot papers at some voting stations and other irregularities may have compromised the integrity of the vote.

The Independent Electoral Commission is a professional body and must be give the space to do its work, he said.

ANC May Win 57.3% of Vote: CSIR Projection (11h13)

The ANC is set to win 57.3% of the national vote, with the Democratic Alliance set to obtain 21.2% and the Economic Freedom Fighters 9.7%, according to projections from the Council for Scientific & Industrial Research and the state broadcaster.

The ANC is in danger of losing its majority in the central Gauteng province, the projections showed.

Democratic Alliance to Win Western Cape: News24 (08h24 )

The party will secure about 55% of the vote in Western Cape province, according to the Cape Town-based News24 website, which cited projections based on partial results from the Independent Electoral Commission.

The race in Gauteng province, is too close to call, it said.

Read: Scientific model predicts biggest ANC fall since 1994

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Projected election results ‘best possible scenario’ for the economy: Dawie Roodt