A few weeks ago Reserve Bank governor Lesetja Kganyago delivered what should be a deeply consequential speech for South African economic policymakers and stakeholders. In his principal and vice-chancellor public lecture on leadership engagement at the University of South Africa, he posed the question, “Do we truly want to grow?”This question goes to the heart of the challenges confronting South Africa’s economy. For too long we have expended time and energy debating false binaries such as growth versus transformation, markets versus inclusion and fiscal discipline versus development, when the imperative before us is simple: grow the South African economy so that its citizens can flourish. The quarter-on-quarter GDP contraction in the second three months of the year, reported this week, is a stark reminder of the urgency of this initiative, though imports were the primary detractor from GDP, with gross fixed capital formation also detracting while household and government spending proved somewhat resilient.President Cyril Ramaphosa recently hosted government and business leaders for the launch of phase 3 of the government-business partnership, which aims to unlock 3% economic growth and 1-million jobs by 2030. This reflects a joint effort between the government and business to help South Africa enter its next phase of growth.For much of the past few years my work has revolved around a deceptively simple question: why has South Africa struggled to achieve sustained economic growth? Our findings were many and intertwined, including weak economic policy co-ordination and integration, energy insecurity, deteriorating logistics, ailing public infrastructure, institutional weakness and municipal dysfunction. However, recent reform progress has renewed hopes that the cycle of decline has been reversed. Recent credit rating upgrades reinforce this view, and the direction of travel appears increasingly positive.Much of the public discourse around economic growth has centred on the notion that policymakers must choose between “competing” objectives such as growth versus transformation and business versus the state. This misguided discourse will likely be amplified in the lead-up to the upcoming local government elections. What these debates tend to miss is that recent positive economic developments have come about not because of choosing one objective over the other, but rather through a recognition of the close alignment between social development and economic growth, and the shared interests of the government, business and civil society.I believe one reason for this false dichotomy in the public discourse is the tendency to view economic growth as a financial indicator rather than an intrinsic good. But people do not experience GDP growth as a statistic ― they experience expanding opportunity, jobs, functioning services, safer communities, quality healthcare and education and thriving businesses, all of which are direct outcomes of improved economic performance. It therefore makes sense to frame economic growth as a profoundly human objective.The recent Quarterly Labour Force Survey showed that unemployment in the second quarter of the year rose to 33.6% from 32.7% in the previous quarter. Growth is the primary driver of employment creation and fiscal expansion, which translates into improved living conditions for the people of South Africa. It is therefore impossible to justify in good faith any policy choices that unnecessarily obstruct growth. Increasing national income is not simply about creating wealth, its purpose is to expand opportunity, strengthen dignity and create the conditions for people to build better lives. In our recently published report, Economic Growth, Structural Transformation & Societal Renewal, we cite export-led growth as one of the fastest practical routes to expanding economic activity and opportunity in South Africa. We argue that export growth is not only valuable but also a transmission mechanism through which firms can become more competitive and profitable, expand production, and create employment. The reinforcing effects include boosting household income and stimulating domestic demand. The result is industrial deepening, a core component of export sophistication, domestic value-adding, and inbound investment. Exports can finance employment and investment, which can strengthen productivity and improve competitiveness. Competitiveness can produce increasingly sophisticated exports ― an area in which South Africa has an opportunity to play a key role in the global economy of the future.As economic activity expands, governments collect more taxes and build fiscal resources for infrastructure, stronger institutions and higher-quality education. This in turn makes the economy even more competitive, creating the conditions for a virtuous cycle of growth. Over time that cycle lays the foundations of a sustainable, prosperous and equitable society, converting the gains from growth into productive capability and opportunity. In short, growth is the self-reinforcing cycle on which South Africa’s future depends.South Africa is in an advantageous position to begin a virtuous cycle of development and growth. This position is supported by our mining, agriculture and financial services sectors in addition to our manufacturing base and tertiary institutions. Structural reforms in energy and logistics have already demonstrated that progress is possible.The envisaged cycle rests on many assumptions, including how businesses might deploy capital in an improved macroeconomic environment. In that sense, business has a responsibility to innovate, expand productive capacity, train workers, deepen supply chains and compete internationally, even in the absence of perfect policy certainty. The public sector has an equally important responsibility to create an enabling environment through capable institutions, credible regulation, efficient infrastructure and disciplined implementation. Prosperity is a shared project.In essence, economic growth is most valuable when its impact is broad-based and creates enduring worth. That worth should be measured not only in aggregate national income but also in its outcomes which include stronger institutions, productive employment, thriving businesses, expanding opportunity, and lives lived with dignity. That is the economy South Africa should aspire to build: not prosperity for a political cycle or even a generation, but prosperity that endures.In my view the national conversation should evolve beyond structural reform as a mere technical exercise. We have seen encouraging outcomes from the exercise itself, but the more important discussion concerns the outcomes we seek. These outcomes include a society with more productive firms, increasingly competitive exports, higher employment, stronger municipalities, greater fiscal capacity, rising innovation and expanding opportunity.The challenge before South Africa is no longer to reform but to build a virtuous cycle in which growth creates opportunity, opportunity builds capability, capability drives innovation and innovation creates the prosperity that allows every South African to participate more fully in the nation’s future.Mazwai is an investment strategist at Investec Wealth & Investment International.