THOHOYANDOU - The MEC for Finance and Economic Development in Limpopo, Mr Thavhadziawa Mufamadi, addressed students of the University of Venda on the challenges facing the South African economy at the Univen Senate Chambers last Thursday. The aim of the address was to equip students with the knowledge they will need in order to contribute to the economic development of the country when they graduate.

Mufamadi said it is important to address students on the topic because higher education institutions have a task of improving economic development in South Africa. He further said that it is important to invest in the youth because they are the future leaders of the country.

“The government is embarking on a massive drive to build the economy and there is a need to develop a new generation of bankers, accountants, researchers and academics. Economic transformation is everyone `s responsibility and we must build our economy to ensure growth, development and redistribution of wealth. All of us must be economically active to realize the objectives of the RDP, of addressing the inequalities in our society. There has to be equity in terms of wealth and the public resources must be utilized in the interest of the majority, rather than for selected few individuals.”

He further said that there is a need to empower the majority of South Africans who are living in poverty.

“We need a strong economy to survive and compete with the world. We must focus on the ways in which we can develop our economy through our natural resources in order to attract investors and tourists.”

The Vice-Chancellor and Principal of Univen, Prof Gesler Nkondo, said economic development is the basis on which the survival of the country depends. “Economic strength and acquisition of wealth will make our country a giant amongst the superpowers of the world. Students must acquire relevant knowledge so that they make valuable contributions to the economic development of this country…”

One of the students who attended the address, Emmanuel Makhado (21), told Mirror that the address was an eye-opener for him because he has been equipped with the knowledge that will assist him when he graduates. “I know what is expected of me after leaving the university. The knowledge I acquired is very important and it boosted my morale to study hard in order to contribute to the economic development of my country,” he said.