The winners of the second PSG Financial Services #ThinkBigSA have been announced, with corporate lawyer and capital markets adviser Jeannette Safi scooping first place and R500 000 with her paper “Move, Multiply, Matter: Unlocking the Potential of South Africa’s Capital Markets”.
The competition aims to generate fresh perspectives into policy discussions on socio-economic issues and this year, South Africans were called on to tackle “The Role of Capital Markets in Enhancing Economic Growth and Job Creation in South Africa”. In the form of a robust discussion paper, participants were called to critically assess capital market systems and propose actionable solutions for a well-functioning capital market in South Africa.
The panel of expert judges – JSE CEO Dr Leila Fourie, SARB head of Economic Research and member of the Monetary Policy Committee Chris Loewald, 27four Group CEO Fatima Vawda, Mazi Asset Management CEO Malungelo Zilimbola, and PSG Financial Services CEO Francois Gouws were once again impressed with the level of submissions received.
The competition attracted over 200 entries – more than double the amount received last year – and participants came from a diverse range of local “big picture thinkers” across ages, locations, and professions ranging from academics and business thought leaders to students and even scholars and retirees. The youngest entrant was 15 and the oldest 81.
With Safi taking first place, Stellenbosch student Joshua Van Der Plank received the second-place accolade and R300 000 for his submission – “Vat Verified Revenue Notes: Rewiring South African Capital Markets To Finance SMEs And Create Jobs.”
Durban-based Nondumiso Nyembezi, a call centre customer services consultant, secured third place and R100 000 for the paper titled “Securitising Apartheid’s End: How Education District Bonds Can Unlock Inclusive Growth and Jobs.”
Mpho Mashishi, an equity analyst from Johannesburg, won in the non-affiliated category and, lastly, firefighter Brandon Goosen clinched the prize for the under-25s category.
A special mention and prize of R10 000 was awarded to matriculant Chané De Goede who submitted an impressive paper which highlights the calibre of future thought leaders in our country.
Collaborators in the awards – Economic Research South Africa (ERSA) will convert a subset of the submissions into policy briefs and share them with its network of policymakers. If interest in further discussion is expressed, it will facilitate a formal engagement between the policymakers and the authors.
In her winning paper, Safi argues that capital markets can be a decisive instrument for growth and employment if policy makes them “work as channels, not mirrors”. She says South Africa’s economic stagnation is not due to a lack of savings, but a failure to channel financial depth into productive investment.
Her entry outlines capital market architecture that addresses infrastructure collapse, weak business dynamism, and excluded communities through initiatives such as pipeline visibility, execution intermediaries, risk pricing mechanisms, broader investor participation, and innovative methods to make cash flow observable and portable. With targeted 12 to 18 month actions, the strategy aims to convert financial assets into growth, jobs, and inclusion.
Van Der Plank’s paper focuses on the disconnect between South Africa as one of the most developed capital market systems in emerging markets, alongside persistently weak labour market outcomes.
He argues that the issue stems from the failure of official capital to reach small and medium enterprises (SMEs) that generate most new employment as they lack audited histories, acceptable collateral, or standardised financial metrics which investors need. His paper proposes the innovative “VAT Verified Revenue Note”.
Gouws says innovative, big picture ideas such as these show that the competition is having the desired effect.
“We believe in the people and potential of South Africa – and we all need to step up to contribute to its growth and progress,” he says. “Through this competition, we want South Africans to become aware of the issues we face as a nation and participate in bringing forward positive, constructive solutions for a sustainable future for our country.”