Following preliminary results showing his party lost its legislative majority by a landslide in this week’s election, Botswana’s President, Mokgweetsi Masisi, announced his party’s defeat on Friday, ending nearly 60 years in power.

The opposition coalition, Umbrella for Democratic Change (UDC), held a sizable lead with over half of the constituencies reporting, placing its leader, attorney Duma Boko, in a strong position to win the presidency.

According to analysts, the Botswana Democratic Party (BDP), which has controlled the small southern African nation since gaining independence from Britain in 1966, was overthrown by growing socioeconomic dissatisfaction, especially among young people.

Botswana has always relied heavily on its diamond industry for revenue, but this year’s economic growth was severely hampered by a decline in the world diamond market, and unemployment increased to 28%.

According to results from 41 of the 61 constituencies up for election, the UDC had gained 26 seats in parliament, while the BDP had only three, according to state television. The president is chosen by the members of parliament.

Boko, who hasn’t made any public statements since the outcome, ran on a platform of increasing social grants and the minimum wage.

“Although I wanted to stay on as your president, I respect the will of the people and I congratulate the president-elect. I will step aside and I will support the new administration,” Masisi said at a press conference.

Small groups of supporters of the opposition celebrated in the streets of Gaborone, the capital, on Friday morning, which was peaceful.

“I did not ever think I would witness this change in my life,” said 23-year-old student Mpho Mogorosi. “The BDP had stayed too long in power and I am proud to be part of the people that removed them for a better Botswana.”

After South Africa’s African National Congress lost its legislative majority after 30 years in power and was compelled to form a coalition government, the BDP became the second long-ruling party in southern Africa to lose at the polls this year.

Later this month, elections will be held in neighbouring Namibia, where the SWAPO party, which has ruled since 1990, is anticipated to face fierce opposition.

“The outcome of Botswana’s elections should serve as a warning to long-time ruling parties across southern Africa and beyond that without economic progress and employment opportunities, political dominance will falter,” said Zaynab Hoosen, an Africa analyst at Pangea-Risk.