Rand Gains as ANC Takes Pole Position in South African Election
- Ruling party has solid lead with more than half votes counted
- Win may strengthen Ramaphosa hand as he tackles economic woes
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The rand gained for a third day as the ruling African National Congress appeared to be heading to a convincing win in national elections, potentially strengthening President Cyril Ramaphosa’s hand as he implements reforms to revive a flagging economy.
With close to two-thirds of ballots counted, the ANC had 56.8 percent of the vote, according to the Independent Electoral Commission’s website. That majority could rise to 57.7 percent, a research institute projected, well above the 54.5 percent in nationwide municipal elections in 2016. The main opposition party, the Democratic Alliance, had 22.5 percent, down from 27 percent.