The final tallies for last week's elections in South Africa have now been finalized.

The ruling African National Congress, which has been in power since 1994, has once again won the election, but with a reduced majority.

"For the sixth time in 26 years in a roll, the majority party in the national assembly of South Africa will be the African National Congress with 230 seats."

Glen Mashinini, head of the Electoral Commission of South Africa, is announcing that the African National Congress or ANC has won South Africa's sixth post-apartheid election.

The ANC has secured 57.5% of the parliamentary vote, down from the 62% won in the previous election in 2014.

This is the first time the ANC has won less than 60% of the vote in a national poll since it took power in 1994. Its seats in the 400-member parliament now falls from 249 to 230.

The country's two major opposition parties the Democratic Alliance and the Economic Freedom Fighters have picked up 20.8% and 10.8% respectively.

Addressing the official results announcement, South African President Cyril Ramaphosa suggests the elections demonstrate the vibrancy of the country's freedom and democracy.

South African President Cyril Ramaphosa is seen addressing the official results announcement of last week's elections. [Photo: Official Twitter account of President Ramaphosa]

"Having observed millions of our people casting their votes patiently, enthusiastically and peacefully three days ago, we now have a greater appreciation of what President Nelson Mandela meant during his inauguration on 10 May 1994 when he said: 'Let freedom reign. The sun shall never set on so glorious a human achievement.' This election confirms that freedom does indeed reign in South Africa. It gives us the assurance that our people are the true custodians of our freedom and democracy."

Ramaphosa calls on the nation to set aside differences and work together to develop the country.

"Let us now work together – black and white, women and men, young and old – to build a South Africa that truly belongs to all who live in it, one which is united, non-racial, non-sexist, democratic and prosperous."

South African is second largest economy in Africa.

Yet the past decade has seen its economy faltering, unemployment rising and corruption rampant.

Its economy grew 0.8 percent in 2018 and its unemployment rate now stands at 27%, over half of whom are young people.

Many people are counting on Ramaphosa, who replaced the resigned former President Jacob Zuma last February, to bring positive changes to the country.

"I'm from the countryside. There've been a lot of changes. But we want more changes. Bring changes in areas where there were no changes, in terms of infrastructure and job opportunities for a lot of people. I think he (Ramaphosa) is capable and we are looking forward to his presidency."

Domestic and international observers are saying this year's elections are free and fair, although 27 smaller parties running in the elections are alleging irregularities such as double voting and threatening legal action.