Johannesburg - The Republican Democrats party will not contest the general elections due to financial constraints, the party said early on Monday morning.
Spokesperson Adelaide Ramela said in a statement that the party could not afford the deposit required by the Independent Electoral Commission (IEC).
"We have in essence exhausted all forms of funding including private business and have unfortunately not been successful; so much so that some of the funders we entrusted our hope upon turned back on us in a sudden and disappointing manner."
The party did not want to press its members, who Ramela said were mainly unemployed, for the money required.
"We have also been told by many of the prominent and potential funders that they would not fund our cause any longer because they would not want to be victimised by the so-called 'big elephant' for funding other political parties," the party claimed.
Ramela said the party "truly have a good plan and manifesto" but had also registered too late for the elections.
"We have challenged the logic and fairness of a requirement to pay in a deposit at the IEC when contesting elections at a meeting held with the IEC ... and it would appear that they would not succumb to the pressure by political parties to reconsider the deposit element of the elections."
The party could only be in a position reconsider running for the elections if it received adequate funding before Wednesday, which was the last possible day to pay the deposit.
The party is a libertarian socialist organisation and officially registered with the Independent Electoral Commission in November last year.