In 1992, Zafy stood as a presidential candidate against President Didier Ratsiraka. The election soon became a run-off between the two candidates. In 1993, Zafy won the run-off election in a landslide, receiving 67% of the vote. During his presidency, Zafy received poor polling numbers due to an economic decline with accusations of corruption in his office. He was impeached in 1996 and then defeated by Ratsiraka in the 1996 presidential election. After leaving office, Zafy remained active in politics as an opposition leader under successive administrations.