As global trade tensions between the US and many countries escalated into a full-scale tariff war last year, the debate over protectionism took centre stage far beyond Washington and Beijing.
At the 54th Nedbank and Old Mutual Budget Speech Competition, students were tasked with confronting a question at the heart of global economic policy: can higher import tariffs be used to create jobs in developing economies, particularly in South Africa?
Hosted in conjunction with last week’s medium-term budget expenditure presentation by finance minister Enoch Godongwana, the gala dinner in Cape Town showcased the students whose essays gave judges a headache: they could not land on one overall winner, so the prize was split into three.
Msindisi Lizani, who is pursuing a BCom Honours in econometrics at the University of Johannesburg, said the competition was a way to learn more about how economic theories taught in classrooms relate to the real world.
“From the beginning the competition proved to not be easy. It quickly became clear the adjudicators had picked the best minds in the country to share their research, opinions and perspectives on current economic issues, and that alone kept me on my toes the whole time.
“Being selected to be among the best minds in the country when it came to such topics brought a sense of excitement in me, while also humbling me a bit, as it reminded me that no matter how smart and hardworking you are, there is always someone out there smarter and working harder than you,” said Lizani.
Winning means a great deal to me because I truly didn’t anticipate to win. During the adjudication interview, I felt I wasn’t a strong candidate and I felt I had so much more to learn, so much more confidence to build. I was afraid I left the adjudicators disappointed
— Ashley Matandire
The win has given the students a platform to rub shoulders with industry giants who influence and pen economic policies for the country.
“From there onward the goal is to get to work in the SA Reserve Bank, hopefully form part of the monetary policy committee and become governor of the bank at some point,” said Lizani.
For Ashley Matandire, who has completed an Honours degree in finance, investment and banking at the University of Cape Town, the competition started with the 53rd competition where they made it to the top 10 in the undergraduate category.
“The experience was so rewarding that I decided to participate again, this time as a postgraduate. The competition was intense this year. It wasn’t about rehearsed answers. It was about judgement, clarity of thinking, and the ability to engage critically with real policy trade-offs.
“Winning means a great deal to me because I truly didn’t anticipate to win. During the adjudication interview, I felt I wasn’t a strong candidate and I felt I had so much more to learn, so much more confidence to build. I was afraid I left the adjudicators disappointed.
“Yet, in some insane plot twist, I ended up sharing the win with Yolanda Gcaleka and Sikelelwe Magoda. I don’t think this has ever happened in the history of the competition,” said Matandire.
“I would like to continue contributing meaningfully to discussions about South Africa’s and Africa’s economic future, and to encourage other young people to see their voices belong in these spaces,” Matandire said.
I hope this win opens doors to many opportunities and allows me to contribute to economic discussions shaping South Africa’s future
— Yolanda Gcaleka
For Ainsley Kelly-Geduldt, a second-year BCom student majoring in economics and finance at the University of the Western Cape, success was a “real surprise”.
“I was the youngest person in the competition and the only second year, with mostly graduates participating. Third place is a big win for me. I have two years to enter this competition as an undergraduate.
“I am a student from Elsies River on the Cape Flats, and a lot of what I experienced and see in my environment motivates me to try to find solutions to the problems faced by our communities through my own tools, which is my knowledge of economics and the financial sector. The win in the competition helps me further my mission of doing so by putting me in rooms with people who can bring about the change needed not only on the Cape Flats, but also in SA,” Kelly-Geduldt said.
Yolanda Gcaleka, studying an Honours degree in economics at the University of Fort Hare, said her success in the competition is a testament to dedication to economics and public policy.
“It motivates me to continue making a positive impact,” said Gcaleka.
“I’m currently unemployed and I’m seeking full-time employment in economics, investment, finance or policy development, with a focus on contributing to South Africa’s growth and development.
“I hope this win opens doors to many opportunities and allows me to contribute to economic discussions shaping South Africa’s future.”
TimesLIVE
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