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Ramaphosa win, Eskom reform may boost banks

May 10 2019 17:37
Liezel Hill and Prinesha Naidoo

President Cyril Ramaphosa’s re-election will strengthen investor confidence in South Africa, according to Bloomberg Intelligence analysts Philip Richards and Edmond Christou.

A stronger mandate for Ramaphosa will enable the government to accelerate the reorganisation of power utility Eskom, with land reform likely to follow. Those factors would curb risks facing the nation’s banks, they said.

The ruling African National Congress is set to win a majority that’s about five percentage points lower than the last election in 2014, while the populist Economic Freedom Fighters is set to increase its share of the vote the most, albeit by less than predicted by pollsters.

The Council for Scientific & Industrial Research and the public broadcaster are projecting that the ANC will obtain 57.5% of the vote, with the main opposition Democratic Alliance set to garner 20.8% and the Economic Freedom Fighters 10.5%.

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, with the DA on 23%-24% and the EFF at 13%-14%. An Ipsos survey in April predicted the ruling party will get 61% of the vote, the DA 19% and the EFF 11%.

Find everything you need to know about the 2019 National and Provincial Government Elections at our News24 Elections site, including the latest news and detailed, interactive maps for how South Africa has voted over the past 3 elections. Make sure your News24 app is updated to access all our elections coverage in one place. 

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