Four students from South Africa’s universities have spoken about what it means to be named finalists in the 54th Nedbank and Old Mutual Budget Speech Competition, a contest that has become a forum for young economists to share ideas on the country’s future.
The competition announced its top 20 finalists, 10 undergraduates and 10 postgraduates chosen after a rigorous adjudication process involving academics, economists and representatives from the sponsors and public sector.
The budget speech is one of the most important events on South Africa’s calendar. Delivered each year by the minister of finance, it sets out how the government plans to raise and spend money, as well as economic priorities.
Last year, finance minister Enoch Godongwana focused on stabilising public debt, tackling load-shedding, and supporting social grants amid sluggish growth. His speech highlighted the balancing act between fiscal discipline and the urgent need to support households and jobs.
This year, undergraduates were asked to write on trade protectionism and job creation, while postgraduates tackled inflation targeting in South Africa.
Msindisi Lizani has completed his BCom in Economics at the University of Fort Hare (UFH) and is heading to the University of Johannesburg (UJ) to pursue honours in Econometrics. “My motivation for entering the competition stems from wanting to help construct, shape, and improve the economic policies adopted by the Republic of South Africa,” he said.
His essay explored the effects of tariffs in developing countries, informed by former US president Donald Trump’s use of tariffs as a tool to protect jobs. “The most challenging part was finding academic papers that supported the stance of using tariffs to create employment in developing countries,” said Lizani.
“Being a finalist means my efforts to try to contribute to the student perspective on current economic issues are taken into consideration.”
Lwando Xhakuvana, another Fort Hare (UFH) finalist, chose the topic on tariffs because he said it aligned with his favourite parts of economics.
Xhakuvana said his main motivation was to challenge himself beyond his normal coursework. “I wanted to expose myself to the great opportunities that the budget speech competition offers to participants, and also I wanted to challenge myself beyond my normal coursework,” he said.
For him, the biggest lesson was about taking chances. “Indeed, a person misses 100% of the chances they do not take because I honestly was not so confident that I would be part of the top 10 finalists when I entered the competition, but here I am, all because I took that chance.”
Denzel Makombe, a master’s candidate in Development Economics at the University of Johannesburg (UJ), said: “The Budget affects students and young people directly, yet their voices are often missing from formal policy discussions. This competition provided a platform to contribute thoughtfully to a national conversation that truly matters.”
“Being selected as a finalist is incredibly affirming. It validates the time, effort, and thought I put into the essay,” he added. His essay looked at how monetary decisions can either widen inequality or unlock growth, and how the budget can be used more strategically to support long-term development rather than short-term fixes.
“The biggest lesson was that policy quality is not just about good ideas, but about implementation and prioritisation. Even well-designed policies fail if they don’t translate into tangible outcomes,” said Makombe.
I chose to focus on inflation targeting because it is one of the most important pillars of South Africa’s macroeconomic framework
— Yolanda Gcaleka
Yolanda Gcaleka, who holds an honours degree in Economics (Financial Markets) from the University of Fort Hare (UFH), focused on inflation targeting. “I chose to focus on inflation targeting because it is one of the most important pillars of South Africa’s macroeconomic framework,” she said.
She said the most challenging part was “balancing technical economic theory with clear, accessible writing”. The most rewarding part was developing a balanced argument that recognised the benefits of inflation targeting while questioning how it operates in South Africa’s context.
“Being selected as a finalist means a lot to me as a student. It shows that my hard work has really paid off,” she said.
Old Mutual South Africa CEO Jurie Strydom said the calibre of this year’s finalists “is truly outstanding and inspires strong optimism about their potential contributions to future socio‑economic policy discussions.”
“The intellectual rigour displayed in this year’s submissions underscores our conviction that nurturing engagement with issues of public policy supports a stable and vibrant democracy,” said Nedbank CEO Jason Quinn.
TimesLIVE
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