Cyril Ramaphosa sworn in for another term as South Africa’s president

BREAKING NEWSJune 19, 2024 at 1:07 PM UTC

TLDR

Cyril Ramaphosa sworn in for another term as South Africa’s president after forming a power-sharing alliance post-elections.
Swearing-in ceremony attended by key African leaders including Bola Tinubu, Felix Tshisekedi, and Emmerson Mnangagwa.
Ceremony at Union Buildings in Pretoria featured a 21-gun salute and air force flyover.

Cyril Ramaphosa was sworn in for another term as South Africa’s president, three weeks after elections led to his party losing its parliamentary majority and entering a power-sharing alliance with long-time rivals.

Ramaphosa took the oath of office before Chief Justice Raymond Zondo at the Union Buildings in Pretoria on Wednesday. Five political parties have joined the African National Congress (ANC) in a unity government.

Nigerian President Bola Tinubu, Democratic Republic of Congo leader Felix Tshisekedi, and Zimbabwe’s Emmerson Mnangagwa were among the dignitaries in attendance. The ceremony included a 21-gun salute and an air force flyover.

Key Takeaways

Markets have been reassured by the formation of a unity government that includes the pro-business Democratic Alliance and excludes the more radical Economic Freedom Fighters and uMkhonto we Sizwe, led by former president Jacob Zuma. In response, the stock benchmark rallied, marking its highest surge this year and indicating renewed investor confidence in the nation's equities after the longest streak of daily outflows in three years. The rand and government bonds also surged. Additionally, the inflation rate remained steady in May at an annual 5.2%, the same as in April, increasing the likelihood that the central bank will maintain current borrowing costs.

South Africa

Cyril Ramaphosa

Elections

African National Congress

Bola Tinubu

Felix Tshisekedi

Emmerson Mnangagwa

Economy

Inflation

Interest Rate