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In a thought-provoking inaugural lecture delivered at WSU’s Ibika Campus, WSU’s Acting Director for Postgraduate studies, Professor Thobeka Ncanywa emphasised the need for South Africa to cultivate economic complexity to curb its current economic woes.
Ncanywa, whose decorated academic journey saw her reach full professorship, addressed academics, and other members of the WSU community during her Professorial Inaugural Lecture titled: Building Sustainable Economies: Navigating Contemporary Issues in Finance, Economic Complexity, and Entrepreneurship Development.
Ncanywa delved into the multitude of economic challenges facing South Africa and proposed a variety of approaches to deal with them.
Amongst these approaches, Ncanywa put emphasis on the need for economic complexity, which translates to an economy characterised by a wide variety of industries, cutting-edge technology, and linked supply networks.
“Economic complexity refers to a country that exports complex, diverse, and sophisticated goods or services. For instance, rather than exporting raw gold, the South African mining industry can export value-added goods manufactured from gold,” said Ncanywa.
Drawing from her own personal experience of growing up in a society that is plagued with poverty, inequality, and unemployment, Ncanywa highlighted the need for a shift in economic activity, and moving beyond SA’s traditional means of economic development.
According to the professor, South Africa stands at a critical point where mere economic growth will not suffice in addressing the challenges faced by the poverty stricken masses of the country.
Referring to countries such as China and the United States, Ncanywa pointed out that thriving economies of the world were those that had diversified industries, and sophisticated technologies that promote innovation and productivity.
“In collaboration with esteemed scholars and dedicated postgraduate students, I have researched the concept of economic complexity and its potential to alleviate poverty and reduce income inequality in developing countries. Our research has explored how investing in information technology systems can enable developing countries to adopt new technologies and infrastructure development to achieve sustainable development,” said Ncanywa.
Delving deeper into her extensive research, Ncanywa underscored the pivotal role of entrepreneurship in fostering economic complexity.
“I have explored how entrepreneurship education can be leveraged to improve the employability of graduates from higher education institutions. This research has examined how such education can help students develop the skills and mindset necessary to identify and pursue business opportunities, ultimately translating problems into innovative solutions,” Ncanywa offered.
Ncanywa further stated: “The papers recommend that universities adopt a participatory approach to teaching and learning entrepreneurship as this can play a crucial role in building their structures to be economically active.”
In essence, Ncanywa’s lecture served as a call for South Africa to embrace economic complexity as the country’s most promising road to prosperity.
With more than thirty years of teaching experience, Professor Thobeka Ncanywa has held positions as a teacher, lecturer, and professor at various institutions, including Walter Sisulu University, University of Limpopo, and University of Fort Hare. She has shaped the academic paths of many students while making substantial contributions to academia.
By Yanga Ziwele
