Pretoria – The South African Reserve Bank (SARB), in partnership with the national Department of Basic Education (DBE), has announced the finalists and winners of the coveted 2022 Monetary Policy Committee (MPC) Schools Challenge.
Gauteng schools once again took top honours, with Marais Viljoen High School announced as the overall competition winner and Horizon High School as runners up. The Western Cape’s Paarl Girls’ High School came third.
Ecstatic learners from the Marais Viljoen High School received R35 000 for the school and R16 000 and an iPad each. Their teacher also received an iPad.
The winning team comprised Bianca Pieterse, Leandi Stoltz, Shenize Bekker, Zanelle Ruthven under the tutelage of educator Anita Last.
Governor @KganyagoLesetja and @DBE_SA minister Angie Motshekga celebrating with winning school of the 2022 #MPCSchoolschallenge @Marais_Viljoen. Read Governor @KganyagoLesetja full speech here: https://t.co/a6w7NjvRa5 pic.twitter.com/9OPiu7xfLo
— SA Reserve Bank (@SAReserveBank) August 31, 2022
The boys from second-placed Horizon High School, which finished in sixth place last year, were thrilled about the R25 000 they won for their school and their individual prizes of R11 000 each.
The team was comprised of learners Juan Ryan, Malusi Sibanda, Molepa Mahlangu, and Wandile Hlatshwayo, under the guidance of educator Brighton Shangwa.
In third place, Paarl Girls’ High School, which came fifth last year, received R18 000 for the school and R9 000 for each participating learner.
The Western Cape school’s team was made up of Jacqueline Swart, Laricha Craven, Lia du Plessis, and Zanke Nell. The four were led by their teacher Elmari Basson.
Other finalists in this year’s competition were Gauteng’s Hoërskool Garsfontein in fourth place, Hoërskool Waterkloof in fifth place, and Midrand High School in sixth place. Norman Henshilwood High School in the Western Cape was placed seventh; and Qedela Secondary School in Mpumalanga took eighth place.
The MPC Schools Challenge is one of the channels the SARB uses to engage learners on how the Monetary Policy Committee sets the repurchase (repo) rate.
In her keynote address at the event held in Midrand, Minister of Basic Education Angie Motshekga said the Monetary Policy Committee Schools Challenge was critical because it helped learners stimulate their imagination, thus inculcating a culture of rigorous intellectual inquiry.
“For the newbies in this yearly competition, the MPC School Challenge is a national competition that targets Grade 12 economics learners. It exposes them to how the Monetary Policy Committee of the South African Reserve Bank sets the repo rate. It is open to Grade 12 schools that offer economics with mathematics,” said Motshekga.
“It allows learners to prepare and present an essay in the format of the SARB MPC Policy statement, as done by the governor of the SARB and the MPC team.”
The learners are provided with data to analyse for the competition, but can also use additional resources such as newspapers, publications, radio and television.
Media Invitation by @DBE_SA and @SAReserveBank pic.twitter.com/swaBH1q5ry
— Elijah Mhlanga (@ElijahMhlanga) August 31, 2022
The thrust of the competition is also to promote teamwork. Each team consists of four learners from one school.
Apart from walking away with cash prizes and electronic gadgets, Motshekga said the winning team qualifies for the SARB bursary – depending on their final matric results.
“Overall, the Monetary Policy Committee Schools Challenge demystifies the role and functions of the Reserve Bank. In other words, the winning team inadvertently become the bank’s ambassadors, explaining the role of the bank and monetary policy to their communities,” she said.
“Thus (they are) assisting in public education about inflation, financial markets and banking, among others. It is also good for our learners as it broadens their career options while planting a seed of the importance of economics and mathematics in everyday life of our country.”
Addressing guests at the event, Reserve Bank governor Lesetja Kganyago said this year – for the first time – an invitation had been extended to independent schools through the Independent Examination Board (IEB).
“As some of you may recall, in 2021 we suspended the Challenge due to the Covid-19 pandemic. In 2021, we hosted the entire process virtually. This year we introduced a hybrid approach, something we hope to continue to do going forward. 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,” said Kganyago.
These essays are prepared in the same format as the SARB Monetary Policy Committee statement.
The statement must reflect global and domestic economic conditions and factors and reflect the decision of the learners on its Monetary Policy stance.
“It’s pleasing to note that essays were received from all provinces, confirming that this is indeed a national competition. On the assessment of candidates, the essays received were subjected to a rigorous marking and moderation process,” he said.
2022 #MPCSchoolsChallenge #Top8 finalist teams are: Midrand High School, Hoërskool Waterkloof, Paarl Girls’ High, Hoërskool Garsfontein, Qedela Secondary, Norman Henshilwood High, Horizon High and Marais Viljoen. For more on the Top 8, watch here: https://t.co/jAZJyuJGuC
— SA Reserve Bank (@SAReserveBank) August 31, 2022
Bank economists and representatives from the DBE and IEB participated in this process.
“Over the years, a trend has been forming. Girls seem to make up the majority of finalists. This year 26 out of 32 finalists are female, so that makes it more than 80% female,” he said.
“I would like to pay special tribute to all the teachers who supported the learners. We are aware that you invested a lot of effort and hard work into this project. Congratulations to schools whose learners reached the final stages of the competition.”
The main purpose of the MPC Schools Challenge is to promote interest in economics and deepen the understanding of the monetary policy.
IOL