South Africa's ANC moves to reassure investors after poll win

African National Congress (ANC) supporters celebrate during the victory celebrations of the ANC at the Peoples Park outside the Moses Mabhida Football stadium in Durban on May 10, 2014. South Africa's ruling ANC vowed on Sunday, May 11, 2014, to
African National Congress (ANC) supporters celebrate during the victory celebrations of the ANC at the Peoples Park outside the Moses Mabhida Football stadium in Durban on May 10, 2014. South Africa's ruling ANC vowed on Sunday, May 11, 2014, to restore investor confidence with stable policies after its landslide victory in elections that marked 20 years of democracy but came amid an economic slump. -- PHOTO: AFP

JOHANNESBURG (AFP) - South Africa's ruling ANC vowed on Sunday to restore investor confidence with stable policies after its landslide victory in elections that marked 20 years of democracy but came amid an economic slump.

The African National Congress secretary general Gwede Mantashe committed to "being clear on the policies of the ANC," pointing toward the government's far-reaching National Development Plan (NDP).

"That's why we put an emphasis on the NDP. That is a firm commitment that will guide our implementation over the next five years," Mantashe, the party's secretary general, told a news conference.

The NDP envisages major infrastructure projects and rejects the nationalisation of key sectors such as mining. Proposed in 2011, it encountered fierce opposition from ANC allies - prominent unions and the Communist Party.

But President Jacob Zuma has said the movement's strong showing at last Wednesday's polls gave it a clear mandate to forge ahead with the programme.

Nelson Mandela's party secured 62.15 per cent of votes in the polls marking 20 years of democracy.

Mantashe also pointed to the performance of South Africa's currency, the rand, during the vote.

"As the results were being announced and the elections were completed the rand strengthened.

"One of the basic things that should be done to restore investor confidence happened - peaceful...free, fair, transparent and credible elections have been held," he said.

The incoming cabinet will also cheer the markets, he said.

"Investors will look into that leadership, do their own analysis and see that we are serious about the leadership of the country." Analysts say South Africa needs much more foreign investment to boost the economy and tackle unemployment, which stands at more than 25 percent.

The country's growth has lagged behind that of its continental peers, and it expects to expand by only 2.7 per cent this year - far too low to tackle the jobless rate.