It seems like African politics have been characterized by a spectacle of liberation movements, protests and power struggles. It’s always like the circus tent was always half-collapsed, with the performers scrambling to stay upright while juggling power and expectations. The history of it all was a bit murky, like trying to follow the plot of a funhouse mirror maze where every corner brought a new surprise (and not always the good kind).
For years, the ANC had has been the ringmaster of the South African carnival, pulling off an impressive act with overwhelming electoral victories since 1994. But after more than two decades of waving their top hats, the party found itself stuck in the center ring with an economy that had started misfiring like a carnival game gone awry. The lights were flickering, unemployment had ballooned to the highest in the world, and economic growth had become a sad limp balloon animal. Meanwhile, households were juggling bills like circus acrobats and business and consumer confidence was so low it was practically underground. Youth unemployment was north of 60% and it felt like the whole place was about to implode into an African Spring-no, not the fun kind with cotton candy, but more like a terrifying political carnival ride with no seatbelts.
Fast forward to 2024: South Africa had been in this carnival of democracy for 30 years and everyone was placing bets on whether the ANC would meet the same fate as liberation movements across Africa-end up in the dustbin of history, rejected by the electorate. But here’s where the real suspense came in; what was the government going to do to save itself? Would it print money like a carnival fortune teller handing out promises, ramp up social programs and shower voters with unemployment grants to win back their favor? The options were endless, and the tension in the air was palpable, like waiting for a fire-eater to light the wrong end of the torch.
As Election Day drew nearer, there was some cautious optimism. Power issues seemed to be improving-at least that’s what the government wanted everyone to believe. It was like when the carnival’s lights flicker on and you’re not sure if it’s real or just a well-timed illusion to keep you entertained. Power stations were suspected to have been working overtime, trying to make it look like there was a genuine turnaround underway. But trust was thin and people weren’t easily fooled. The world held its breath, expecting the worst, maybe a political collapse or maybe a series of political missteps that would send the whole country spiraling.
Then, Election Day came. The drama wasn’t as much about the ANC’s fate as it was about a new player in town: President Zuma’s newly formed MK party, which had been around for just a few months. Somehow, it managed to become the third-largest political party in the country, with the biggest share of votes in KwaZulu-Natal. Cue the drumroll! The country was now in the throes of real political negotiations, and the circus was about to get a little more interesting.
In the end, South Africa pulled off the unthinkable-a government of national unity was formed, and markets rallied. The world gave a collective sigh of relief as South Africa regained its favor. The future looked bright again, and the country had managed to dodge the worst possible outcome.
This carnival ride could have gone off the rails, but it didn’t. Well done, South Africa! The tent was back up, the show was still running, and the crowd was cheering.
This article originally appeared in the Market Update mailer today by Jenna Goosen.