No, definitely not, the franchise is not dead. It is indeed still very much alive.
With shows still in production in the USA (SVU), London, Russia and now South Africa, Law & Order is still as strong as ever.
And you know what? Although Afrikaans is a possibility, this new show will probably be in English, so most people will be able to understand it. Just remember though that there will be differences between their English and North American English. (Something BBC America is using in their very well made promos for Law & Order: UK).