South Africa’s Digital Future Demands Bold Private Sector Leadership

Dhesen Ramsamy, Chief Technology Officer at Old Mutual

South Africa is racing towards its 2030 vision of a transformed digital economy, but progress will depend on more than government strategy. According to Dhesen Ramsamy, Chief Technology Officer at Old Mutual, it is time for the private sector to step up, not only to accelerate innovation and growth, but also to safeguard the country from escalating cyber threats. “The cost of inaction will be paid in lost opportunities, growing reliance on international service providers, and increasing exposure to global cybercrime,” warns Ramsamy. “We cannot afford to remain passive.”

The ICT sector already contributes 19% to South Africa’s GDP, with annual growth projected at 10–15%. Yet despite this momentum, the country faces a shortage of skilled professionals in data analytics, cybersecurity, and software development — areas critical to economic competitiveness. Over half of South Africans are under the age of 30, a demographic advantage that risks being squandered without deliberate skills investment.

Closing the Skills Gap

Old Mutual’s Global Capability Hub (GCH) model is one example of how business can respond. Operating technology centres in Durban and Hyderabad, with plans to expand across Africa, the initiative builds sustainable career pathways for local talent while addressing skills gaps in AI, machine learning, cloud solutions, and cybersecurity. “We’re not just talking about collaboration, we’re actively contributing to building Africa’s Insurtech talent engine,” Ramsamy says.

The GCH works through partnerships with universities, upskilling programmes, and community investment efforts, combining global expertise with local development.

The Cyber Threat is Real

The urgency is clear. The IMF’s 2024 Global Financial Stability Report noted that extreme cyber losses have risen to $2.5 billion globally since 2017, with emerging markets most at risk. In South Africa, the Southern Africa Fraud Prevention Service recorded a 32% surge in fraud cases, with financial services a prime target. “These threats are not abstract. They are here now and escalating,” Ramsamy stresses. “Without a domestic base of skilled cyber professionals, we are handing over our national digital infrastructure keys to foreign actors; both good and bad.”

The Public-Private Partnership Imperative

Government’s five-year digital economy strategy, led by the Department of Communications and Digital Technologies, includes training one million youth in coding, AI, robotics, and cloud computing by 2030. Ambitious as it is, Ramsamy argues it will only succeed if matched by private sector readiness to absorb and upskill this talent.

“Public investment in skills is crucial, but it must be matched with private sector action. We need a feedback loop between industry needs, policy ambitions, and academic curricula — something only a united, organised private sector can deliver,” he says.

A Call to Action

South Africa is already attracting the attention of global players. Microsoft, IBM, AWS, CISCO and Dell have all expanded their investment and training capacity locally. For Ramsamy, this is both encouraging and a warning: “If global players see value in building here, we must match their commitment with local organisation and intent.”

He believes the next step should be the formation of an inclusive, representative association of ICT providers, developers, and cybersecurity professionals. Such a platform could align skills development with industry needs, standardise practices, encourage investment in underserved areas, and present a unified voice in policy discussions.

“We cannot afford to outsource our digital future,” Ramsamy concludes. “It’s time we invest in building our own tech capability — one that can compete with the best in the world. It’s possible, but only if we work together.”