I am amazed that there has not been a post explaining how sanctions are to blame.
Wrong. Venezuela's policies are to blame.
With the global spike in the price of oil in the early 2000s, Venezuela went on a massive public spending spree, placing the government at the centre of economic activity (sound familiar?). When the oil price collapsed in 2013, so too did the Venezuelan economy. Classic case of Dutch disease. They were over-reliant on oil and government participation in the economy, so when oil collapsed the government was no longer able to spend the way it had and the underdeveloped and damaged (through their own actions) economy was left exposed and could not pick up the massive public overspending.
Under Chavez, Venezuela also imposed price controls on basic food goods that led to decreased production (price caps meant farmers would run at losses so they cut production) and subsequent food shortages. In response, Venzuela implemented expropriation without compensation, using the military to forcibly seize farm land. Land was distributed to party officials who, surprise surpise, didn't know the first thing about farming and you can guess what happened next. Venezuela's food sovereignty was compromised.
A wave of nationalisation between 2007 - 2009 across various industries saw a drastic decrease in production and economic activity. You want to hear something fun? They nationalised the previously privately-owned and largest electricity producer in the country and within a few years the grid started collapsing.
en.wikipedia.org
The Venezualan crisis started in 2010, sanctions against the country started in 2019. Venezuela spent and nationalised itself in to oblivion, the same as Zimbabwe and exactly what the ANC will to do here.
If anybody had a brain within the ANC, Venezuela would be a massive warning sign that the policies they are pursuing are doomed to fail.