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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

UFS researcher engineers metal surfaces
2015-03-03

Shaun Cronjé, a PhD student, in a surface characterisation laboratory at the UFS.

It is well known that the surface of a component is much more vulnerable to damage than the interior, and that surface-originated degradation such as wear, corrosion, and fracture will eventually destroy the component.

“Engineering the surface, based on scientific knowledge, is essential to control these damaging processes. It also creates electronic and geometric structures on the surface which opens up a world of new devices, especially considering the properties on the nano-length scale,” said Prof Wiets Roos from the Department of Physics at the University of the Free State (UFS).

At elevated temperatures, atoms are more mobile and can migrate to grain boundaries and surfaces, which have a major influence on material properties. The redistribution of solute atoms between the surface and the bulk of the material is known as segregation. Knowing the behaviour of segregation at the surface/environment interface can be very useful in the development of new materials. As an example materials can be improved higher efficiency and lower fuel consumption, thus reducing environmental pollution.

The main aims of Prof Roos’s research are to understand surface segregation, use it as a tool, and contribute to the various surface engineering fields.

The surface characterisation laboratories at the UFS are well equipped to do high temperature segregation measurements, and have already proven a success, not only in the ability to prepare the specimens for characterisation, but also in developing models and procedures to quantify the segregation parameters.

The most recent results have demonstrated the importance of taking evaporation into account during quantification.” This has laid the foundation for future studies by installing the necessary hardware in a surface characterisation spectrometer, establishing experimental protocols, and improving an existing model (developed in this laboratory) for simulating segregation profiles,” said Prof Roos.

Segregation parameters allow the researcher to predict and utilise the surface concentration behaviour as a function of temperature and time. “This not only contributes to fields involving corrosion, oxidation, sintering, wear, chemical poisoning, powder metallurgy, and lubrication but adds to the development of self-healing devices,” said Prof Roos.

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