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UFS to host inaugural ‘Sanlam and Santam Economist of the Year’ gala event

16 October 2024 | Story Anthony Mthembu | Photo Supplied

The Department of Economics and Finance, within the Faculty of Economic and Management Sciences (EMS) at the University of the Free State (UFS), in collaboration with Sanlam and Santam, will host the inaugural ‘Sanlam & Santam Economist of the Year’ competition gala event on 18 October 2024. The event, to be held on the UFS Bloemfontein campus, marks the exciting conclusion of this prestigious competition.

About the competition

Prof Johan Coetzee, Chairperson of the Department of Economics and Finance at UFS, explained that the competition, launched in July 2024, is an initiative of the department, sponsored by Sanlam and Santam. ‘’The competition aims to equip our graduates with the essential skills required for the modern workplace, including presentation, communication, problem-solving, and critical thinking skills,” said Prof Coetzee. He also highlighted plans to extend the competition to schools, saying, “We are looking forward to broadening the platform to include school-level participants.”

In addition, Prof Coetzee noted that the competition is designed to train students to become highly skilled economists capable of navigating the challenges of the Fourth Industrial Revolution (4IR).

The competition sees students - ranging from first-year undergraduates to those pursuing master's qualifications within the department - competing against each other by making predictions on key macroeconomic indicators. A schedule of these indicators is provided, and students must predict their values on an online platform before the official release of each indicator. Points are awarded based on the accuracy of their predictions, with the top 10 competitors progressing to the final stage.

Gala event highlights

Representatives from Sanlam and Santam, the Department of Economics and Finance, the top 10 finalists, and the department’s top academic performers from each year group will attend the gala event. “Besides recognising the competition winners, we will also honour our top academic achievers. As a department, we acknowledge the importance of recognition, and we are proud to be the academic home of these outstanding students,” Prof Coetzee added.

The top 10 finalists will each deliver a six-minute presentation to a panel of four economists from the department, after which the top three finalists will be announced. These finalists will then answer an additional question, and the final judging will determine the winner of the ‘Sanlam and Santam Economist of the Year’ title. The winner will also receive the largest cash prize.

In addition to the awards, Sivuyile Nzimeni, a data analyst within the EMS faculty and the developer of the competition platform, will address the audience. Nzimene will discuss the development of the platform and plans for its expansion.

News Archive

Expert in Africa Studies debunks African middle class myth

2016-05-10

From left: Prof Heidi Hudson, Director of the Centre for Africa Studies (CAS), Joe Besigye from the Institute of Reconciliation and Social Justice, and Prof Henning Melber, Extraordinary Professor at the CAS and guest lecturer for the day.
Photo: Valentino Ndaba

Until recently, think tanks from North America, the African Development Bank, United Nations Development Plan, and global economists have defined the African middle class based purely on monetary arithmetic. One of the claims made in the past is that anyone with a consumption power of $2 per day constitutes the middle class. Following this, if poverty is defined as monetary income below $1.5 a day, it means that it takes just half a dollar to reach the threshold considered as African middle class.

Prof Henning Melber highlighted the disparities in the notion of a growing African middle class in a guest lecture titled A critical anatomy of the African middle class(es), hosted by our Centre for Africa Studies (CAS) at the University of the Free State on 4 May 2016. He is an Extraordinary Professor at the Centre, as well as Senior Adviser and Director Emeritus of the Dag Hammarskjöld Foundation in Sweden.

Prof Melber argued that it is misleading to consider only income when identifying the middle class. In his opinion, such views were advanced by promoters of the global neo-liberal project. “My suspicion is that those who promote the middle class discourse in that way, based on such a low threshold, were desperate to look for the success story that testifies to Africa rising.”

Another pitfall of such a middle-class analysis is its ahistorical contextualisation. This economically-reduced notion of the class is a sheer distortion. Prof Melber advised analysts to take cognisance of factors, such as consumption patterns, lifestyle, and political affiliation, amongst others.

In his second lecture for the day, Prof Melber dealt withthe topic of: Namibia since independence: the limits to Liberation, painting the historical backdrop against which the country’s current government is consolidating its political hegemony. He highlighted examples of the limited transformation that has been achieved since Namibia’s independence in 1990.

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