South African Reserve Bank Honors Exceptional Student Economists in 2023 MPC Schools Challenge

Four students from Paarl Girls’ High in Western Cape have emerged as winners in the South African Reserve Bank’s (SARB) 2023 Monetary Policy Committee (MPC) Schools Challenge. This prestigious event is organized by SARB in conjunction with the Department of Basic Education (DBE).

Fostering Interest in Economics

The MPC Schools Challenge aims to increase students’ understanding of economics and the significance of monetary policy in enhancing the economic well-being of South Africans. The competition has expanded since its inception in 2012 and now includes over 400 schools and 1,800 learners from public and private institutions across all nine provinces.

Competition Format

For this year’s competition, 181 schools had groups of four learners submit insightful essays on monetary policy, qualifying them for entry into the challenge. Shortlisted teams had the opportunity to simulate the SARB’s monetary policy decision-making body by constituting their own MPC committee in the second round. This hands-on component allowed the students to discuss their rationale for interest rate decisions.

To aid in their deliberations, students were given access to resources and economic data necessary for compiling their respective MPC “statements” announcing their interest rate decisions. An extensive adjudication process, which included presenting their decisions and supporting arguments to a panel, culminated in the selection of the winning team.

Impressive Student Performance

SARB Governor Kganyago lauded the students’ reasoning abilities in their statements, expressing confidence in the future of economic discourse if these bright young minds continue to pursue economics. The victorious team from Paarl Girls’ High, guided by Mrs. Elmari Basson, consisted of Eloïse Opperman, Anopaishe Gowero, Lara Rabe, and Meghan Damonse.

Awards and Prizes

Each member of the winning team received a SARB bursary, a cash prize of R18,000, and an iPad. Their school was also awarded a cash prize of R36,000, and their educator received a laptop. The King’s School White River in Mpumalanga secured second place, while Krugersdorp High School in Gauteng finished third. The remaining finalists, comprising the top ten schools, were also awarded cash prizes, contributions to their respective institutions, and laptops for their educators.

Showcasing Exceptional Talent

The 2023 MPC Schools Challenge has not only showcased the exceptional talent of South Africa’s young economists but has also successfully fostered a deeper understanding of the economy and the importance of monetary policy among the nation’s future leaders.