TUT Symposium Highlights Challenges And Prospects Of Post-Apartheid Economic Growth

TUT Symposium Highlights Challenges And Prospects Of Post-Apartheid Economic Growth. The Tshwane University of Technology (TUT) recently hosted a thought-provoking symposium through its Faculty of Economics and Finance, which brought together esteemed academics from various universities to discuss the complex challenges and potential opportunities surrounding South Africa’s post-apartheid economic growth. The central theme of the symposium, “Economic Growth Dynamics in Post-Apartheid South Africa: Challenges and Prospects”, provided a platform for in-depth dialogue on the inclusive economics, socio-economic development, and transformation issues that the country continues to face.
Opening Remarks by Dr. Rasigan Maharajh
In his opening address, Dr. Rasigan Maharajh from TUT’s Department of Economics stressed the importance of understanding South Africa’s unique context to effectively tackle economic challenges. Dr. Maharajh pointed out that contextual understanding is essential for both appreciating the progress made since the end of apartheid and finding viable solutions to ongoing issues. He stated, “Understanding our context is critical, since it is about appreciating what we have, but also about finding solutions to our problems.”
He further highlighted a significant challenge in South Africa’s economic landscape—the issue of data. Dr. Maharajh emphasized that the accuracy and quality of economic data are vital for policymaking and understanding the country’s true economic situation. “We face a challenge regarding the data informality that citizens rely on,” he remarked. The importance of reliable, official data cannot be overstated, particularly when measuring key economic indicators like unemployment and underemployment, which continue to be two of the country’s most pressing concerns.
Prof. Heinrich Bohlmann Keynote Address on Trust and Social Capital
The keynote address, delivered by Prof. Heinrich Bohlmann, Associate Professor from the University of Pretoria’s Department of Economics, focused on the critical role of trust, social capital, and institutional integrity in fostering economic growth and prosperity. Prof. Bohlmann explained that successful economic policies depend not just on technical interventions but also on the trust and social capital that underpin them. He stated, “I have learned that trust and social capital play a critical role in the success of many policies.”
He also addressed the growing optimism among South Africans regarding the country’s economic outlook, noting that while many surveys indicate an increase in public optimism, it is crucial that this optimism is translated into tangible results. “The current administration must harness this increased optimism into actionable outcomes,” he added, calling on the government to leverage this positive shift in sentiment.
At a macroeconomic level, Prof. Bohlmann discussed the institutional trust challenges that hinder South Africa’s growth. He noted that institutional failures are reflected in indicators such as real GDP per capita, real investment, and unemployment. Many well-intentioned reforms aimed at boosting growth fail to gain traction because there is insufficient focus on strengthening existing institutions, rather than building new ones.
He further elaborated on how, in a democratic setting, institutions can sometimes be manipulated for the benefit of a select few, which often comes at the expense of the broader population. This phenomenon, he warned, could undermine the country’s prospects for sustainable economic growth. “Low levels of institutional trust significantly hamper economic growth,” Prof. Bohlmann added, stressing the need for the government to rebuild trust to address both current and future challenges effectively.
Diverse Perspectives from Other Experts
The symposium featured additional thought-provoking discussions from other prominent economists. Prof. David Olakekan from North-West University explored the role of the digital economy in driving economic growth in South Africa. He highlighted how technological advancements and digital innovations could serve as key levers for economic transformation in the country.
Prof. Carolyn Chisadza, Associate Professor at the University of Pretoria, focused on strategies to stimulate sluggish economic growth in South Africa. She advocated for a “Big Push” approach, emphasizing the need for targeted interventions to break the cycle of low growth.
Prof. Mashupye Maserumule, Executive Dean of TUT’s Faculty of Humanities, introduced the topic of game-changing public policies aimed at fostering socioeconomic development in South Africa. His insights into policy reform were complemented by Prof. Harold Ngalawa, from the University of KwaZulu-Natal, who addressed the role of macroeconomic policies in revitalizing South Africa’s economy. Prof. Mario Scerri from TUT’s Department of Economics also presented a heterodox approach to understanding and analyzing the South African economy.
Economic Growth Interventions and the Road Ahead
The various presentations at the symposium underscored that while South Africa has made progress, many challenges remain in steering the economy toward a sustainable and inclusive growth trajectory. The experts agreed that while existing interventions—such as promoting a digital economy and reforming public policies—are making an impact, further efforts are required to ensure that these initiatives are successfully implemented and that South Africa’s economic growth benefits all citizens.
Government intervention, they emphasized, must be aligned with the broader goals of social and economic transformation to create a more equitable society. It was noted that while reforms are crucial, understanding the context and institutional dynamics is equally important for addressing South Africa’s pressing economic challenges.
The symposium concluded with a call to action for policymakers, researchers, and stakeholders to work together to create innovative solutions to the socio-economic issues facing South Africa. The path to a prosperous post-apartheid economy lies in harnessing the power of inclusive economic policies, fostering institutional trust, and ensuring that economic growth is accessible to all South Africans.
Conclusion
The TUT Symposium provided a comprehensive analysis of the current state of economic growth in South Africa and the challenges the country faces in its post-apartheid journey. The discussions highlighted the importance of data accuracy, institutional trust, and social capital in shaping a robust economic future. As South Africa continues to tackle its economic challenges, the collective efforts of its academics, policymakers, and citizens will be critical in achieving sustained growth and transformation.