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(Bloomberg) — South African President Cyril Ramaphosa will announce a new coalition cabinet on Sunday, more than a month after elections in which his party lost its parliamentary majority for the first time since it came to power 30 years ago.
The new executive will be announced in a televised address at 9 p.m. local time, the presidency said in a statement posted on X. It’s been formed after more than a week of talks between Ramaphosa’s African National Congress and the centrist Democratic Alliance, which emerged as the two biggest parties after the May 29 vote.
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The cabinet will comprise “a diversity of political parties,” the presidency said.
The conclusion of talks on the new government will be welcomed by investors who anticipate that the coalition between the ANC, the DA and eight other parties will help accelerate economic reforms needed to revive anemic growth.
The rand whipsawed last week on speculation that talks between the two main parties had either moved closer to an agreement or further away. The currency advanced 1.5% on Friday on news that the parties were near a deal.
Ramaphosa offered the DA cabinet positions in six ministries, including agriculture, home affairs, basic education, public works, communications, and forestry, the Johannesburg-based Sunday Times newspaper reported. He also proposed they take deputy ministerial posts in the finance, energy and electricity, small business, higher education, trade and industry, and water portfolios, it said.
Helen Zille, chairperson of the DA’s Federal Council and ANC acting spokesman Zuko Godlimpi declined to comment when reached by phone on Sunday.
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