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06 March 2020 | Story Valentino Ndaba | Photo Stephen Collett
Lesetja Kganyago, Governor of the South African Reserve Bank
Reserve Bank Governor, Lesetja Kganyago, presented a public lecture at the UFS on 4 March 2020.

With a 7% fiscal deficit on the Gross Domestic Product (GDP) projected by the National Treasury for the 2020/21 financial year, it would not take long to arrive at a dangerous level of debt at the rate that South Africa is borrowing. Although the South African Reserve Bank Governor, Lesetja Kganyago, does not consider a debt to GDP rate of 60% a disaster, he did express his concern regarding the country’s fiscal deficits being over 6% of the GDP.

Governor Kganyago presented a public lecture at the University of the Free State (UFS) on 4 March 2020, focusing on how we should use macro-economic policy and its role in our economic growth problem.

Unsustainable policies 
South Africa’s fiscal situation is not about tight monetary policy. According to the Governor: “Weak growth is endogenous in our fiscal problems. We cannot keep doing what we are doing and hope that growth will recover and save us. Growth is low, in large part, because of unsustainable policy.”

Avoiding an impending crisis
To address the problem, as a policymaker with more than 20 years’ experience, the Governor suggested that the recommendations made by Minister Tito Mboweni be taken into consideration. “The Minister of Finance, Tito Mboweni, is a man who says things that are true even when they are unpopular. His message is that we have to reduce spending and he is right to put this at the centre of our macro-economic debate,” said Governor Kganyago.

The state needs a radical economic turnaround strategy which is able to diminish the risk of losing market access and being forced to ask the International Monetary Fund for help. Governor Kganyago is positive that such a reformative tactic would go beyond monetary policy and ensure that the interest bill ceases to claim more of South Africa’s scarce resources. 

News Archive

#Women'sMonth: Long hours in wind and cold weather help to reconstruct Marion Island’s glacial history
2017-08-10

 Description: Liezel Rudolph  Tags: Liezel Rudolph, Process Geomorphology, Marion Island, periglacial geomorphology, Department of Geography  

Liezel Rudolph, lecturer for second-year students in Process
Geomorphology at the University of the Free State (UFS).
Photo: RA Dwight

Liezel Rudolph, a lecturer for second-year students in Process Geomorphology, aims to reconstruct the glacial history of Marion Island through cosmogenic nuclide dating techniques. She is interested in periglacial geomorphology, a study of how the earth’s surface could be formed by ice actions (freezing and thawing of ice).

Liezel is a lecturer in the Department of Geography at the university and is researching landscape development specifically in cold environments such as Antarctica, the Sub-Antarctic islands, and high mountain areas. “My involvement with periglacial geomorphology is largely due to academic giants who have carved a pathway for South Africans,” says Liezel.

Liezel visited Marion Island for the first time during her honours year in 2011, when she investigated the impact of seals on soil conditions and vegetation. Three years later, she visited Antarctica to study rock glaciers.

The challenge of the job
A workday in Antarctica is challenging. “Our time in the field is very limited, so you have to work every possible hour when the weather is not life-threatening: from collecting soil samples, to measuring soil temperature and downloading data, we measure polygons and test the hardness of rocks. The only way to get the amount of work done, is to work long hours in wind and rain with a positive and competent team! We take turns with chores: the person carrying the notebook is usually the coldest, while the rest of us are stretching acrobatically over rocks to get every nook and cranny measured and documented.”

A typical workday
Liezel describes a typical workday: “Your day starts with a stiff breakfast (bacon and eggs and a bowl of oats) and great coffee! After that comes the twenty-minute dressing session: first a tight-fitting under-layer, a middle layer – sweater and T-shirt, and then the outer windbreaker (or a quilt jacket on an extra cold day). Then you start applying sunscreen to every bit of open face area. Beanie on, sunglasses, two pairs of socks, two pairs of gloves. The few kilograms of equipment, one vacuum flask containing an energy drink, one vacuum flask containing drinking water (it would freeze in a regular bottle), and a chocolate bar and piece of biltong for lunch. After this, we drive (on snowmobiles) or fly (in helicopter) to our study area for about eight hours of digging, measuring, downloading, testing and chopping. Back at the base and after a long and tiresome undressing session, we move to the lab with all our data to make sure that it is downloaded safely and captured onto a database. Afterwards, depending on the day of the week, we enjoy a good meal. If you are lucky, such a typical day will coincide with your shower day. We can only shower every second day due to the energy-intensive water production (we have to melt snow) and the sewage system (all the water has to be purified before it could be returned to the environment). Then you grab your eye shield (since the sun is not sinking during summer) and take a nap before the sun continues to shine into the next day.”

Theoretical knowledge broadened 
“Going into the field (whether island or mountains) provides me with an opportunity to test geomorphic theories. Without experience in the field, my knowledge will only be limited to book knowledge. With practical experience, I hope to broaden my knowledge so that I could train my students from experience rather than from a textbook,” says Liezel.

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