In a significant development for South Africa's political landscape, the Inkatha Freedom Party (IFP) has officially announced its agreement to form part of a government of national unity. This coalition government will also include the African National Congress (ANC) and the largest opposition party, the Democratic Alliance (DA).

Speaking at a media briefing in Durban, IFP leader Velenkosini Hlabisa emphasized that the only options were to either become part of the government or remain in the opposition. Hlabisa acknowledged the will of the South African people, who expressed their desire for political parties to find common ground.

This announcement comes after weeks of speculation about the composition of the next government, following the ANC's loss of its majority in last month's elections. While the ANC and DA have not yet commented on the agreement, the ANC had previously expressed its intention to form a unity government and had engaged with all opposition parties.

The seating of the new parliament is set to take place on Friday, during which the president is expected to be elected. The ANC is eager to finalize a deal by then and maintain Cyril Ramaphosa as the country's leader. This election marked the first time since Nelson Mandela led the ANC to victory in 1994, ending apartheid, that the ANC secured below 50% of the vote.

The ANC obtained approximately 40% of the vote, with the DA at 22%, the MK party led by former President Jacob Zuma at 15%, and the radical Economic Freedom Fighters at 9%. Meanwhile, the conservative IFP secured around 4% of the vote share.

While some within the ANC have advocated for a coalition with the Economic Freedom Fighters (EFF) and MK, led by former senior ANC officials, investors have expressed concerns over their policies favoring land seizure without compensation and the nationalization of mines. The business community has shown a preference for an ANC and DA coalition.

The inclusion of other parties, such as the IFP, aims to counter criticism that the ANC leadership is "selling out" by working with the DA, seen by some as representing the white minority. The DA opposes key ANC policies, including the black empowerment program and the National Health Insurance Bill.

Hlabisa reassured IFP supporters that the party would not lose its identity, as it has previously participated in a coalition government. In a historic move after the 1994 elections, the ANC collaborated with the National Party, responsible for implementing apartheid, as well as the IFP, despite clashes between their supporters.

The formation of this government of national unity reflects the need for a stable government that can effectively address the challenges faced by the country. South Africans eagerly await the confirmation of this deal and the subsequent inauguration of the new government.

For more African news, visit BBCAfrica.com.