24 February 2022. Focussing on the job at hand of growing the economy and putting people into productive activity should be a national priority. This was the sentiment expressed by Finance Minister Enoch Godongwana at the 50th anniversary celebration of the Nedbank and Old Mutual Budget Speech Competition on Wednesday evening, following the delivery of his maiden national budget earlier in the day.
Responding to questions posed by the 19 finalists of one of South Africa’s longest running youth education initiatives, the Minister sent out a strong message to leaders in both the public and private sectors that without collaboration, a clear plan and accountability, driving fiscal consolidation and ultimately economic growth would continue to be challenging.
“We have no right to condemn the poor to perpetual poverty, compensating them for the economic exclusion they continue to face. Instead, we should be pooling our resources and efforts towards truly empowering the most marginalised South African’s to become meaningful participants in the economy.”
National Treasury, Nedbank and Old Mutual cemented their commitment to driving inclusive growth and empowering South Africa’s brightest young minds through the Nedbank and Old Mutual Budget Speech Competition. The five-decade long partnership has produced some of the country’s leading economists, thinkers and change makers. Run as an essay competition, thousands of students from across the country put forward their creative ideas and suggestions on how the Finance Minister can address pressing issues in the economy and society.
Undergraduate finalist Rethabile Mphahlele from the University of the Witwatersrand as well as Postgraduate finalise Tiaan de Swardt from Stellenbosch University took top honours on the night, winning their share of R420 000 in prize money.
First launched in 1972, this annual competition gives talented economics and finance students the opportunity to sharpen and share their thoughts on issues of national importance.
Nineteen finalists representing seven tertiary intuitions including the Universities of Fort Hare, Cape Town, Johannesburg, Limpopo, Pretoria, Stellenbosch and Wits were treated to a live viewing of the Budget Speech in Parliament as well as direct engagement with policy makers from National Treasury, the Reserve Bank as well as captains of industry at the gala dinner ahead of the main awards being announced.
CEO of Old Mutual, Iain Williamson, says: “This year marks the 50th year of our support for a competition where the leaders of tomorrow can truly showcase their knowledge and skills. This competition has played an important role over the years in generating fresh ideas and challenging old ones and I was impressed by the standard of the entries and the passion shown by these young bright minds, who clearly care about the future of their country. We are proud of our long association with the competition as part of our broader commitment to education and societal change. For South Africa to fulfil its promise and potential, it needs visionary leaders and influencers who have both a deep understanding of economic issues and a longing for a stable and socially just society.”
The students who have participated over the years have gone on to influence policy processes, lead some of the largest organisations in the country and become changemakers across various sectors.
“It is clear, that as we make leaps into the future, we need brilliant young minds to make sense of these new concepts, to show us how to navigate our ever-evolving world and to help us identify the challenges and exciting opportunities that they may present. Now more than ever, we will need new economic thinking. And as we work together with government and our various stakeholders to rebuild better and create a prosperous future, it is vital that the youth be included and enabled to participate. That’s why we at Nedbank are extremely proud to have supported this Competition over the past 50 years. It is not only evidence of our commitment to developing young leaders, but it also speaks directly to our purpose of using our financial expertise to do good for individuals, families, businesses, and society” says Nedbank CEO Mike Brown.
ENDS
Notes to Editors:
About the Nedbank and Old Mutual Budget Speech Competition
Launched in 1972, the competition celebrates its 50th year in 2022. While the format of the event has evolved over the last four decades to keep up with the changing times, judges have continued to select essays written by some of the top economic minds our country has produced.
Initially the competition was open only to postgraduate students, but in the early 90s the undergraduate category was introduced.
- 2022 Undergraduate essay question: Discuss South Africa’s focus on the public sector wage bill as an expenditure control measure
- 2022 Postgraduate essay question: Discuss debt default risk in South Africa and its potential fallout, making use of international experience.
See below the full list of winners for the 50th edition of the Nedbank and Old Mutual Budget Speech Competition:
Undergraduate Category:
- Rethabile Mphahlele from University of the Witwatersrand – 1st Prize: R 60 000
- Dhyan Saravanja from University of the Witwatersrand – 2nd Prize: R 40 000
- Ryan Young from Stellenbosch University– 3rd Prize: R 20 000
Postgraduate Category:
- Tiaan de Swardt from Stellenbosch University – 1st Prize: R150 000
- Lebo Siboyi from University of the Witwatersrand – 2nd Prize: R100 000
- Mzuvukile Skwatsha from University Pretoria– 3rd Prize: R 50 000
The competition’s sponsors have been privileged of hosting some of the brightest young budding economists in the country, people who have gone on to significant positions both in South Africa and abroad. Some of our winners are now professors or doctors in economics serving in the academic field, while others are working in the National Treasury and in top local and international organisations.
See www.budgetspeechcompetition.co.za for more.
About Old Mutual Limited
Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 14 countries. Old Mutual’s primary operations are in South Africa and the rest of Africa, and it has a niche business in Asia. With over 176 years of heritage across sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves. For further information on Old Mutual, and its underlying businesses, please visit the corporate website at www.oldmutual.com
About Nedbank:
Nedbank Group is one of Africa’s largest banking groups, listed on the Johannesburg Stock Exchange (JSE). It owns subsidiaries and banks in Namibia, eSwatini, Malawi, Mozambique, Lesotho, Zimbabwe, Isle of Man, Guernsey and Jersey, and has representative offices in other sub-Saharan Africa countries, including Angola, Kenya and key global financial centres to provide international banking services for SA-based multinational and high-net-worth clients in London, Toronto and Dubai (UAE). We are a diversified financial services provider offering a wide range of wholesale and retail banking services as well as insurance, asset management and wealth management solutions.
Issued on behalf of:
Old Mutual:
Alleyne Smith
Senior Communications Manager at Old Mutual
Email: asmith11@oldmutual.com | Tel: +27 72 733 0911
Nedbank:
Annaleigh Vallie
Head of Corporate Communications at Nedbank
Email: AnnaleighV@Nedbank.co.za | Tel: +27 66 479 0936