South African Rand Vacilates As Election Uncertainty Continues In The Rainbow Nation

South African Rand Vacilates As Election Uncertainty Continues In The Rainbow Nation

South Africa, along with the likes of India, is one such nation, that went to polls. The country went into the polling stations to elect its 400-strong national assembly on May 29. The South African Rand, which is the national currency there, is currently at 0.53 against the US dollar.

Juviraj AnchilUpdated: Sunday, June 02, 2024, 11:58 AM IST
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REUTERS/Siphiwe Sibeko

2024 is one of the most important year for democracy and the world at large. This year will see, and in fact, has already seen, the largest exercise of democratic rights around the globe, with major economies across continents going to the polls to select the national government.

Vaciliaing Fortunes in Election Year

This year has more elections, with a significant number of people going to the polls in a single year, than ever before.

South Africa, along with the likes of India, is one such nation, that went to polls. The country went into the polling stations to elect its 400-strong national assembly on May 29.

The results have been trickling in ever since. As per the latest reports, the incumbent African National Congress is set to lose its majority for the first time, in the country's post-apartheid history.

in addition, there is great uncertainty surrounding government formation. This understandably has made the economic tenets of the country, from the currency to the businesses, jittery about their prospects.

The South African Rand, which is the national currency there, is currently at 0.53 against the US dollar. Some analysts expect the currency of the battered economy to weaken further. The country's economy has been marred by corruption and larger administrative incomptencies, both at the national and the local level.

Inflation, unemployment, and racial disparity, despite the end of apartheid, have been in focus. The ruling ANC has consistently been accused of impropriety. Especially under the country's former president, Jacob Zuma, who, after leaving the party, started his own party, to battle his former party.

Inflation, unemployment, and racial disparity, despite the end of apartheid, have been in focus. The ruling ANC has consistently been accused of impropriety. Especially under the country's former president, Jacob Zuma, who, after leaving the party, started his own party, to battle his former party. |

Businesses Jittery Over Uncertanity

Inflation, unemployment, and racial disparity, despite the end of apartheid, have been in focus. The ruling ANC has consistently been accused of impropriety. Especially under the country's former president, Jacob Zuma, who, after leaving the party, started his own party, to battle his former party.

According to many reports, business in the country are also vary of the potential impasse in government formation. South Africa, before the chaos dawned upon it, was a famous outlier, in a continent, that is largely otherwise marred by post-colonial conflict in some guise or the other.

South Africa's current president is a business tycoon, Cyril Ramaphosa.

As per latest reports, the Ruling ANC is said to have bagged around 40-42 per cent of the vote. It is to be noted that, that the country has a proportional representation system, unlike the Indian first-past-the-post system. Apart from the ANC, the Democratic alliance and two other left-wing-to-ultra left parties are in the fray.

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