SA mining sector’s contribution to GDP slid in 2023, partnership with govt to boost growth
Amid electricity and logistical constraints, as well as an increase in crime and corruption, the mining sector contributed only 6.3% to South Africa’s GDP in 2023, down from 7.3% in 2022, Minerals Council South Africa CEO Mzila Mthenjane noted in a presentation at the Africa Down Under conference, in Perth, Australia, on September 4.
He said the Minerals Council was working with the South African government on the ambition of increasing economic growth to between 3% and 5% and enabling the creation of about 2.5-million jobs, thereby helping to arrest the current unemployment rate and increase investor confidence.
South Africa’s GDP grew by only 0.6% in 2023. This was followed by 0% and 0.4% in the first and second quarters of this year.
Mthenjane noted that partnerships between business and government had thus been focused on the areas of energy, logistics, as well as crime and corruption. He explained that the mining sector had been active in developing and driving the structural reforms in each of these areas.
He pointed out the mining sector was among the largest investors in renewable energy in South Africa, with the sector accounting for about 75% of the 22 GW of renewable-energy capacity having been installed in the country in recent years. Investment in renewables has helped to ease the pressure on Eskom, which has been able to suspend loadshedding.
Mthenjane also noted that the mining sector had contributed to key water infrastructure investment in prospective mining destinations, such as the Northern Cape and Limpopo.
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