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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. 

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Nobel Prize-winner presents first lecture at Vice-Chancellor’s prestige lecture series
2017-11-17


 Description: Prof Levitt visit Tags: Prof Levitt visit

At the first lecture in the UFS Vice Chancellor’s Prestige Lecture series,
were from the left: Prof Jeanette Conradie, UFS Department of Chemistry;
Prof Michael Levitt, Nobel Prize-winner in Chemistry, biophysicist and
professor in structural biology at Stanford University; Prof Francis Petersen,
UFS Vice-Chancellor and Rector; and Prof Corli Witthuhn,
UFS Vice-Rector: Research. 
Photo: Johan Roux

South African born biophysicist and Nobel Prize-winner in Chemistry, Prof Michael Levitt, paid a visit to the University of the Free Sate (UFS) as part of the Academy of Science of South Africa’s (ASSAf) Distinguished Visiting Scholars’ Programme. 

Early this week the professor in structural biology at Stanford University in the US presented a captivating lecture on the Bloemfontein Campus on his lifetime’s work that earned him the Nobel Prize in 2013. His lecture launched the UFS Vice-Chancellor’s Prestige Lecture series, aimed at knowledge sharing within, and beyond our university boundaries. 

Prof Levitt was one of the first researchers to conduct molecular dynamics simulations of DNA and proteins and developed the first software for this purpose. He received the prize for Chemistry, together with Martin Karplus and Arieh Warshel, “for the development of multiscale models for complex chemical systems”.

Attending the lecture were members of UFS management, academic staff from a range of faculties and other universities as well as young researchers. “Multiscale modelling is very much based on something that makes common sense,” Prof Levitt explained. “And that is to makes things as simple as possible, but not simpler. Everything needs to have the right level of simplicity, that is not too simple, but not too complicated.”  

An incredible mind
Prof Levitt enrolled for applied mathematics at the University of Pretoria at the age of 15. He visited his uncle and aunt in London after his first-year exams, and decided to stay on because they had a television, he claims. A series on molecular biology broadcast on BBC, sparked an interest that would lead Prof Levitt via Israel, and Cambridge, to the Nobel Prize stage – all of which turned out to be vital building blocks for his research career. 

Technology to the rescue
The first small protein model that Prof Levitt built was the size of a room. But that exercise led to the birth of multiscale modelling of macromolecules. For the man on the street, that translates to computerised models used to simulate protein action, and reaction. With some adaptations, the effect of medication can be simulated on human protein in a virtual world. 

“I was lucky to stand on the shoulder of giants,” he says about his accomplishments, and urges the young to be good and kind. “Be passionate about what you do, be persistent, and be original,” he advised.  

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