Persistent deindustrialisation has rendered the country vulnerable to external shocks, particularly geopolitical conflicts involving major global powers. Although accelerated market reform is the proposed remedy, its likelihood of success is far from guaranteed.
Minister Gwede Mantashe, however, remains undeterred. He views the current turbulence in energy markets as a potential foundation for a domestic oil and gas industry—a “ladder” to help lift the continent out of energy poverty. During his opening address at the Southern Africa Oil and Gas Conference in Cape Town last week (March 16–17), he emphasised that Africa’s vast natural resource wealth must be leveraged to combat poverty.
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