History of South Africa The Democratic Party and Pan Africanist Congress, among others, formed a parliamentary opposition in the country's first non-racial parliament. Nelson Mandela was elected as President on 9 May 1994 and formed a Government of National Unity, consisting of the ANC, the National Party and Inkatha. On 10 May 1994 Mandela was inaugurated as South Africa's new President in Pretoria with Thabo Mbeki and F. W. De Klerk as his vice-presidents. The Government of National Unity lapsed at the end of the first parliament sitting in 1999, with the ANC becoming the sole party in power while maintaining a strategic alliance
History of South Africa (1994–present) policy, adopted neoliberalism instead. A wealth tax on the super-rich to fund developmental projects was set aside, while domestic and international corporations, enriched by apartheid, were excused from any financial reparations. Large corporations were allowed to shift their main listings abroad. According to a leading South African economics expert, the government's concessions to big business represented "treacherous decisions that [will] haunt South Africa for generations to come". History of South Africa (1994–present) South Africa since 1994 transitioned from the system of apartheid to one of majority rule. The election of 1994 resulted in a change in government with the African