The economic imperative: South Africa deserves a fair shot at growth - Opasa

SOUTH Africa's unemployment rate, currently at 32,9%, represents not merely a statistical indicator but a profound socioeconomic crisis with far-reaching human consequences. For our nation, 32.9% means that 8.2 million people, including 62.4% of young South Africans aged 15 to 24, are unable to support themselves or their families. It means millions of our youth, our breadwinners, our graduates, and our entrepreneurs are locked out of the economy growing at a paltry 0.8%.

- KERWIN RANA

South Africa's offshore petroleum potential remains largely untapped, says the author.

(AI LAB)

And yet, in the midst of this socioeconomic pressure, South Africa's offshore petroleum potential remains largely untapped. This is not due to lack of resource, capability, or need, but because of a global narrative that increasingly penalises countries like ours for trying to grow.

This must change.

Before 1949, Qatar was one of the poorest nations in the world, its people eking out livelihoods through pearling and subsistence fishing. Today, revenues from a successful oil and gas industry help fund health care, education, and state welfare. Qataris enjoy among the highest per-capita incomes worldwide with poverty among nationals virtually eliminated.

Across Africa, nations like Ghana and Namibia are forging ahead with offshore exploration and production. For example, in Namibia, recent discoveries by international energy companies in the Orange Basin have the potential to double the country's GDP by 2040. The construction phase of offshore projects is expected to generate around 5 000 jobs over six to eight years. In Nigeria, the sector contributed 5.57% to the country's GDP in 2024.