The African National Congress (ANC) said on Monday that five political parties have officially signed a statement of intent to participate in a government of national unity (GNU).

The five parties are the ANC, the Democratic Alliance, the Inkatha Freedom Party, GOOD and the Patriotic Alliance, the ANC said in a statement.

The collective represents 273 seats, or 68 percent of the seats in South Africa's National Assembly, according to the statement.

"The GNU's priorities and minimum program are fully aligned with the ANC's long-standing commitments and policies. We are dedicated to achieving rapid, inclusive and sustainable economic growth, job creation, land reform, industrialization, and infrastructure development. Our objective is to create a just society that addresses poverty, spatial inequalities, food security, and the high cost of living, while protecting workers' rights and delivering quality basic services," said the ANC.

The ANC said the GNU will ensure representation in government and legislatures by all participating parties, making decisions by consensus, with mechanisms for conflict resolution where necessary.

In the general elections on May 29, the ANC secured 159 out of the 400 seats in the National Assembly, for the first time falling below the 50 percent needed to maintain its 30-year-old outright majority in the lower house of parliament.

Cyril Ramaphosa, leader of the ANC, was reelected by the National Assembly on Friday as the country's president for the next five years.