{"id":777014,"date":"2024-06-14T08:30:00","date_gmt":"2024-06-14T06:30:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=777014"},"modified":"2024-06-14T08:38:24","modified_gmt":"2024-06-14T06:38:24","slug":"markets-give-the-thumbs-up-to-gnu-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/777014\/markets-give-the-thumbs-up-to-gnu-in-south-africa\/","title":{"rendered":"Markets give the thumbs up to GNU in South Africa"},"content":{"rendered":"\n

Markets are optimistic about South Africa’s Government of National Unity (GNU). <\/p>\n\n\n\n

Parliament will be sworn in later today, 14 June, where the Speaker, Deputy Speaker and President will be elected. <\/p>\n\n\n\n

The President will then be able to appoint the Cabinet and deputy ministers and structure the government. <\/p>\n\n\n\n

The seventh administration will mark the first time in the democratic era that the ANC has not held a majority in parliament, dropping to 40% of the national vote. <\/p>\n\n\n\n

Thus, the party has called for a GNU that includes a wide range of political parties represented in the legislature.<\/p>\n\n\n\n

So far, the ANC, DA and IFP look set to join the GNU, which accounts for roughly 65% of all seats in parliament. <\/p>\n\n\n\n

The populist EFF and MK parties, which account for around 25% of the vote, have rejected the GNU. <\/p>\n\n\n\n

The MK party, led by former ANC President Jacob Zuma, has had its urgent application to block the first sitting blocked by the Constitutional Court and will not attend the administration’s first sitting. <\/p>\n\n\n

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On a provincial level, agreements have also been reached in hung provinces. <\/p>\n\n\n\n

In KwaZulu Natal, the ANC-DA-IFP partnership will be joined by the National Freedom Party (NFP), as the four parties have 41 out of 80 legislative seats combined.<\/p>\n\n\n\n

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The man who could hold KwaZulu-Natal’s fate in his hands<\/a><\/blockquote>