General elections were held in South Africa in the 29th of May. According to the results, the country’s largest party African National Congress won a plurality of seats in the country’s parliament without winning an outright majority. In the wake of elections, a new cabinet of ministers, the Government of National Unity, was formed in South Africa.

The creation of the Government of National Unity in South Africa contributes to the economic growth of the country, says President Cyril Ramaphosa.

“Just over 100 days have passed since the members of the Government of National Unity were sworn into office. In that time, we have witnessed a marked increase in confidence in the direction of our country…There is also rising confidence in our country’s economic growth prospects”, said Ramaphosa.

The president added that in September the Bureau of Economic Research and Rand Merchant Bank published a report on the country’s economy. It was said that current business conditions in key economic sectors of South Africa can be described as “cautious optimism”. The president underscored that one of the factors that helped raise business confidence of the country was improved electricity supply.

New Government of National Unity was formed in South Africa at the end of June this year. It includes ministers who represent six political parties, mainly from the African National Congress.