This doesn't seem to be a legal sign installed by the government, rather some locals with their own interpretation of the law erecting what looks like a municipal sign. The last line and lack of any government organisations logo gives it away.
Ah classic, I just realised where it is, Elands bay is a regional classic break just north of Cape Town. We used to shoot up there when it was on when I lived in SA for 10 months. Be a hoax I reckon.
Look at the left in the background!! Even if the sign was legit you'd be out there on whatever you could get. Even a booger or knee board would be great!!
I'm installing one at my local including short boarders and boogie boarders hopefully I will be the only guy out there brave enough to beat the fine...