Don't believe the hype around South Africa’s offshore gas find, says Kevin Bloom

Journalist Kevin Bloom has warned against the myth that the recent gas discovery will rescue the South African economy.

Bloom wrote an in-depth piece on the Daily Maverick analysing the Brulpadda prospect off the Mossel Bay coast, which is said to be a game-changer for Mzansi.

Bloom strongly argues that the trickle-down effect of economic growth doesn't work when it comes to natural resources in sub-Saharan Africa.

Read: Total South Africa's gas discovery a game changer - Jeff Radebe

Bloom says he's seen the so-called 'commodity curse' first hand in the heart of the oil-producing Niger Delta, in South Sudan and in Central African Republic.

He adds that any potential economic benefit should not come at the cost of the environment and explains that climate change is an example of market failure.

Bloom doubts that any South Africans, aside from what he calls the entrenched elite, will benefit from the gas find.

The International Monetary Fund (IMF) in 2012 found that [the trickle-down effect] doesn't work at all in sub-Saharan Africa.

Kevin Bloom, Author and journalist

We need six planets to, according to some of the latest estimates, keep on burning fuel the way we are.

Kevin Bloom, Author and journalist

Listen to the analysis:


Recommended

by NEWSROOM AI
Read More
[LISTEN] SA's Ndlovu Youth Choir through to America's Got Talent semi-finals

[LISTEN] SA's Ndlovu Youth Choir through to America's Got Talent semi-finals

The choir has been wowing TV audiences in the US and across the world with their energetic performances.

Surfer comes up with insp-EYE-ring way to ward off sharks - take a look!

Surfer comes up with insp-EYE-ring way to ward off sharks - take a look!

Large eye stickers are being stuck to the bottom of surfboards in order to deter sharks.

'The long wait is over'  - PSL returns to SABC following blackout

'The long wait is over' - PSL returns to SABC following blackout

The end of the impasse comes after weeks of high-level meetings between the public broadcaster, government, and MultiChoice.

Zuma maintains he did not call Hanekom an apartheid spy

Zuma maintains he did not call Hanekom an apartheid spy

The former president has filed papers with the Durban High Court in response to Derek Hanekom's defamation charges.

[LISTEN] What you need to know about 'game-changing' gas-condensate discovery

[LISTEN] What you need to know about 'game-changing' gas-condensate discovery

Total announced on Thursday that it has opened up a “world-class” new oil and gas province off the coast of Mossel Bay.

[LISTEN] Total South Africa's gas discovery a game changer - Jeff Radebe

[LISTEN] Total South Africa's gas discovery a game changer - Jeff Radebe

The French energy company announced on Thursday the discovery of a 'significant' gas condensate.

Popular articles
[LISTEN] SA's Ndlovu Youth Choir through to America's Got Talent semi-finals

[LISTEN] SA's Ndlovu Youth Choir through to America's Got Talent semi-finals

The choir has been wowing TV audiences in the US and across the world with their energetic performances.

Surfer comes up with insp-EYE-ring way to ward off sharks - take a look!

Surfer comes up with insp-EYE-ring way to ward off sharks - take a look!

Large eye stickers are being stuck to the bottom of surfboards in order to deter sharks.

'Ramaphosa wants to find ways to force pension fund managers to invest in SOEs'

'Ramaphosa wants to find ways to force pension fund managers to invest in SOEs'

Daily Maverick associate editor at Scorpio Sikonathi Mantshantsha takes a look at the week's financial news.

Lion cub worth R50k rescued from house in Cape Town

Lion cub worth R50k rescued from house in Cape Town

The feline was found by detectives at a property in Athlone on Wednesday following a tip-off.

Why City of Cape Town insists new coastal by-laws are not anti-poor

Why City of Cape Town insists new coastal by-laws are not anti-poor

Alderman Marian Nieuwoudt, Mayco Member for Spatial Planning and Environment, City of Cape Town explains.

[WATCH] Ndlovu Youth Choir shines once again with latest AGT performance

[WATCH] Ndlovu Youth Choir shines once again with latest AGT performance

The inspiring South African choirU2's Beautiful Day at America's Got Talent quarter-finals.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).

Mystery solved: Why smelly, blue sewage has been leaking into Cape Town forest

Mystery solved: Why smelly, blue sewage has been leaking into Cape Town forest

The reason for the leakage has been revealed, explains Table Mountain Aerial Cableway MD Wahida Parker.