{"id":63293,"date":"2024-03-27T16:21:18","date_gmt":"2024-03-27T16:21:18","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/business-leaders-banking-on-anc-retaining-political-power"},"modified":"2024-03-27T16:21:18","modified_gmt":"2024-03-27T16:21:18","slug":"business-leaders-banking-on-anc-retaining-political-power","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/business-leaders-banking-on-anc-retaining-political-power","title":{"rendered":"Business leaders banking on ANC retaining political power"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>South African banking executives believe that despite the ANC\u2019s declining support, they will remain the dominant political power after the election, and policy will remain largely unchanged.<\/p>\n

According to a survey by the Brenthurst Foundation and the SABI Strategy Group, the ANC\u2019s support may have dropped below 40% nationally.<\/p>\n

The finding suggests the country \u201cwill almost certainly\u201d have a coalition government after elections on May 29, with the ANC losing ground to MK and the main opposition DA.<\/p>\n

The Brenthurst Foundation\u2019s poll showed that the ANC\u2019s support shrunk to 39%. It is down from 41% and 44%, in polls conducted in October 2023 and November 2022, respectively.<\/p>\n

The party\u2019s failure to end a national electricity crisis, the collapse of state port and rail infrastructure, rampant crime and state corruption have left the party facing its toughest electoral test since it came to power three decades ago.<\/p>\n

Various opinion polls have shown the ANC will lose its parliamentary majority for the first time since 1994, forcing it into a coalition with the opposition.<\/p>\n

\u201cWe are heading for a transition away from one-party dominance, which can only be good for democracy, policy competitiveness, delivery and accountability,\u201d Brenthurst Foundation Director Greg Mills said in a statement.<\/p>\n

The Brenthurst Foundation\u2019s support ranking for the ANC is the lowest of any poll to date.<\/p>\n

The party has been drawing big crowds to its election rallies, including launching its manifesto in the eastern city of Durban last month. In the previous national vote in 2019, the ANC garnered 58% support nationally.<\/p>\n

\u201cVoters appear to have left the ANC, EFF and IFP for Zuma\u2019s party in significant numbers,\u201d the foundation said.<\/p>\n

Executives of some of the country\u2019s largest banks have said that despite this declining support, policy will remain unchanged after the election, with the ANC remaining the dominant political force in the country.<\/p>\n

Nedbank CEO Mike Brown does not believe the ANC can be dismissed as a political force, and its policies will continue to be those of the national government for some time.<\/p>\n

\u201cIf you stand back and look at it from a policy point of view, the polls may indicate the ANC is losing support, but the ANC and its current policies will be central to any government going forward,\u201d he said.<\/p>\n

The ANC\u2019s policies are largely correct in addressing South Africa\u2019s major challenges but have taken far too long to implement.<\/p>\n

\u201cCertainly, as business, we would want accelerated delivery of government\u2019s stated economic policies because that hinders economic growth.\u201d<\/p>\n

Standard Bank CFO Arno Daehnke echoed Brown\u2019s comments at the bank\u2019s financial results presentation.<\/p>\n

Daehnke said Standard Bank does not expect any major changes to the government\u2019s economic policy following the national election in May.<\/p>\n

Despite the ANC\u2019s declining popularity, it will remain the dominant political force in South Africa and largely determine the country\u2019s policy direction.<\/p>\n

Comments from South African executives are similar to those from rating agency Fitch, which said the ANC could lose its majority in the 2024 election but said this would not lead to major changes in economic policy.<\/p>\n

Under elevated socio-political risks, Fitch highlighted the ANC\u2019s bid for power in the 2024 general election.<\/p>\n

It said the ANC\u2019s dominance over the country\u2019s political landscape has been challenged since the party\u2019s poor performance in the November 2021 municipal elections.<\/p>\n

\u201cWe believe the party could lose its majority in the May 2024 general election, but this would be unlikely to result in major changes in economic policy,\u201d the agency said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South African banking executives believe that despite the ANC\u2019s declining support, they will remain the dominant political power after the election, and policy will remain largely unchanged. According to a survey by the Brenthurst Foundation and the SABI Strategy Group, the ANC\u2019s support may have dropped below 40% nationally. The finding suggests […]<\/p>\n","protected":false},"author":84,"featured_media":63292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-63293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nBusiness leaders banking on ANC retaining political power - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/business-leaders-banking-on-anc-retaining-political-power\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Business leaders banking on ANC retaining political power\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. South African banking executives believe that despite the ANC\u2019s declining support, they will remain the dominant political power after the election, and policy will remain largely unchanged. According to a survey by the Brenthurst Foundation and the SABI Strategy Group, the ANC\u2019s support may have dropped below 40% nationally. 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