#PSGThinkBigSACompetition: Master’s student and Economics Professor secure top spots as SA’s Big Thinkers on unlocking inclusive economic growth

In an effort to introduce fresh perspectives into policy discussions on socio-economic challenges, including high unemployment, inequality and entrenched structural inefficiencies, PSG Financial Services collaborated with Economic Research South Africa (ERSA) to launch the inaugural #ThinkBigSA competition, inviting “Big Picture Thinkers” to propose solutions to these complex challenges. South Africa’s Big Picture Thinkers rose to the challenge. Speaking at an awards ceremony held last night in Johannesburg, Dr Adriaan Pask, Chief Investment Officer at PSG Wealth said, “The competition attracted a wide range of academics, thought leaders, economists, researchers, and students with nearly 100 submissions, each presenting innovative ideas to foster inclusive growth in South Africa.”

The panel of esteemed judges comprising Professor William Gumede, Wits Associate Professor: Public and Development Management; Michael Sachs, Wits Adjunct Professor: Southern Centre for Inequality Studies; Professor Philippe Burger, Dean: UFS Faculty of Economic and Management Sciences and Mamokete Lijane, Chair: ERSA and Global Markets Strategist said that they were impressed by the quality of submissions.

After a rigorous judging process, Master’s student Teboho R.F. Nthoana was named the winner and was awarded R300 000 for his paper on the entrepreneurial potential of South Africa's township economies. Johan Fourie, Economics Professor: Stellenbosch University claimed second place and received R100 000, while Madoda Sitshange who holds a Master’s degree, took third place and received R50 000. To read the winning papers, as well as an overview of the submissions, click here.

ERSA will select a subset of the submissions to convert into policy briefs — concise summaries tailored for policymakers. These briefs will be distributed to ERSA’s network of policymakers, and if interest in further discussion is expressed, it will facilitate a formal engagement between the policymakers and the authors.

Chris Loewald, SARB Head of Economic Research, who provided the keynote address at the event shared some of his thoughts on what is hindering economic growth in South Africa. “One of the many curiosities we face is why, given the amount of work done on our severe growth and inequality challenges, we seem to make little headway in solving them. He cited what he calls “South Africa’s inward-looking history” and using this lens to manage how our markets work at a microeconomic level as some of the reasons.

Discussing ongoing debates about the balance between the public and the private sector in our economy, he believes the public sector must modernise and compete with the private sector. “Public services should be focused on making economic inclusion as costless as possible,” adding that, “Measurable outcomes for the public sector should also extend to all domains including housing, transport, urban planning and other spatial dimensions of our economic lives.” In closing, Loewald remarked, “At the end of the day, bad microeconomics makes good macroeconomic policy harder and cannot be solved by making it worse. It is certainly past time to move from that vicious circle to a virtuous cycle of growth.”    

Nthoana’s winning paper highlights how, despite systemic barriers, township economies thrive through necessity-based informal businesses. These businesses, however, face significant hurdles such as financial exclusion and poor infrastructure. Nthoana proposes the development of micro-investment ecosystems tailored to these enterprises, including establishing business incubators, promoting technology adoption, and fostering public-private partnerships to improve infrastructure.

Fourie’s paper suggests innovative policies, strengthening state capacity, and creating a new narrative of progress to foster a faster and stronger economic environment in South Africa. He believes these elements are crucial for overcoming the stagnation experienced in recent years and for building an inclusive economy that benefits all citizens. He emphasises the importance of innovation as the primary driver of economic growth. To enhance South Africa's innovation landscape, Fourie advocates for increased investment in research and development, urging the government to prioritise funding projects with export potential.

South Africa’s struggle for inclusive economic growth is deeply embedded with its historical challenges and the journey from generations of inequality toward one that promises equitable growth for all remains fraught with obstacles. However, as the PSG #ThinkBigSA Inclusive Economic Growth Competition submissions demonstrate, there is no shortage of innovative ideas and diverse perspectives on how to steer the country toward a more prosperous and inclusive future.

Pask announced at the closing of the event that building on the success of this year’s competition, it will be held again next year with the topic: “How Capital Markets Enhance Economic Performance and Facilitate Job Creation”. “2025 is going to be even bigger, with the winner walking away with half a million rand! We will also introduce various categories with five prizes of R100 000 each, demonstrating PSG’s commitment to drive serious thinking on improving economic prospects in our country,” concluded Pask.