SARB’s MPC School Challenge: The winners for 2022 have been announced.

Meet Thinus Van der Berg. Thinus was one of the matric pupils who decided to enter the South African Reserve Bank’s pilot Monetary Policy Committee School Challenge in 2012.

Out of the 70 schools that participated, Thinus’s school was placed second. But even that was a major win for him as it ignited a fire in him for all things commerce and economics. Fast forward 10 years later, Thinus is now an Associate Portfolio Manager for the Financial Markets Department at South African Reserve Bank (SARB).

This was the very intention of the bank when it first launched its Monetary Policy Committee (MPC) School Challenge – to groom future economists for the central bank from school level.

Today, in its 10^th year running, SARB announced the winners of its 2022 edition of the Monetary Policy Committee School Challenge in the presence of the governor – Lesetja Kganyago, the deputy governors – Kuben Naidoo and Rashad Cassim, and the Minister of Education – Angie Motshekga.

And, the winning school was Marais Viljoen High School. Each learner walked away with a R16 000 cash prize and an iPad while the school took home a R35 000 cheque.

How the challenge works

The challenge starts with groups of four Grade 12 Economics and Accounting learners from each school writing an essay on monetary policy. Following an audited adjudication process, teams are shortlisted for a second round in which they role-play an MPC meeting and provide a reason for their decision on interest rates.

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They have to contextualise the global and domestic economic situation and the reason for their decision based on relevant economic data and information. The learners then present their decision and supporting arguments to a panel in a format that mirrors the actual MPC press conference, which the Governor hosts every second month.

“We are pleased that 225 schools attended the briefing sessions for learners and teachers, and 102 schools submitted essays that are required to proceed to the next level of the competition. These essays are prepared in the same format as the SARB MPC statement. The statement must reflect global and domestic economic conditions and factors, and reflect the decision of the learners on its Monetary Policy stance,” Governor Kganyago explained.

“It’s pleasing to note that essays were received from all provinces, confirming that this is indeed a national competition. “

Assessment of candidates

The governor explained that the essays received were subjected to a rigorous marking and moderation process. Bank economists, representatives from the Department of Basic Education (DBE) and Independent Examinations Board (IEB) participated in this process. Eight schools made the final cut and had to present their MPC Statement to a panel of judges – this part of the Challenge was done in person. The judging panel was composed of senior staff of the Bank’s Economic Research Department. Representatives from the DBE and IEB remained in the venue throughout all learner presentations and deliberations by judges about the ranking of finalists – a transparent and inclusive process.

SARB notices a trend: girls are making up the majority of finalist

 This year, 26 out of 32 finalists were female, meaning that more than 80% of the runners up were female.

The actual winners were also all female. Governor Kganyago said he had no doubt that the future of the South African Reserve Bank was female.

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MPC Challenge Objective achieved

The main purpose of the MPC Schools Challenge is to promote interest in economics and deepen the understanding of Monetary Policy.  Governor Kganyago is certain that have been achieved.

“The quality of your essays and presentations is evidence that the objective of expanding the understanding of monetary policy is being achieved,” he said.

“To our learners, remember that nothing of value comes without an effort. Your presence here as finalists bears testimony to your commitment, hard work and dedication. We encourage you to pursue careers in the field of economics and central banking,” he concluded.