I agree that it's meant in the sense of political consciousness, as it was first popularized through the activist movements of the 1960s and 1970s (which I assume the South African activists looked to for inspiration). Yes, it is awareness, but in a particular political sense, meaning the ability to recognize the power relations in society and one's own position within them. In practice, what it really boils down to is awareness of social injustice.
LEO translates 'political consciousness' elsewhere simply as Bewusstsein, not Selbstbewusstsein. That seems more likely to me too, because it doesn't mean 'selbstbewusst' in the sense of self-confident, as an individual personality trait. To me, 'das Selbstbewusstsein Schwarzer zu sein' sounds suspiciously like 'the self-confidence to be black,' as if certain brave people could decide, Okay, from now on I'm going to be black, I'm determined to be black.
But I confess I have a hard time with everything related to bewusst in German, so I may be missing something.
I do agree that the entry as it stands doesn't seem at all right. I tend to agree that just deleting it might be the best thing, unless you're prepared to add things like feminist consciousness, working-class consciousness, who knows what all else.
If possible, it might be good to add a few entries for 'political consciousness,' though, and especially one for 'consciousness-raising,' so that this general sense of 'consciousness' will be better represented in LEO.