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UFS to host inaugural ‘Sanlam and Santam Economist of the Year’ gala event

16 October 2024 | Story Anthony Mthembu | Photo Supplied

The Department of Economics and Finance, within the Faculty of Economic and Management Sciences (EMS) at the University of the Free State (UFS), in collaboration with Sanlam and Santam, will host the inaugural ‘Sanlam & Santam Economist of the Year’ competition gala event on 18 October 2024. The event, to be held on the UFS Bloemfontein campus, marks the exciting conclusion of this prestigious competition.

About the competition

Prof Johan Coetzee, Chairperson of the Department of Economics and Finance at UFS, explained that the competition, launched in July 2024, is an initiative of the department, sponsored by Sanlam and Santam. ‘’The competition aims to equip our graduates with the essential skills required for the modern workplace, including presentation, communication, problem-solving, and critical thinking skills,” said Prof Coetzee. He also highlighted plans to extend the competition to schools, saying, “We are looking forward to broadening the platform to include school-level participants.”

In addition, Prof Coetzee noted that the competition is designed to train students to become highly skilled economists capable of navigating the challenges of the Fourth Industrial Revolution (4IR).

The competition sees students - ranging from first-year undergraduates to those pursuing master's qualifications within the department - competing against each other by making predictions on key macroeconomic indicators. A schedule of these indicators is provided, and students must predict their values on an online platform before the official release of each indicator. Points are awarded based on the accuracy of their predictions, with the top 10 competitors progressing to the final stage.

Gala event highlights

Representatives from Sanlam and Santam, the Department of Economics and Finance, the top 10 finalists, and the department’s top academic performers from each year group will attend the gala event. “Besides recognising the competition winners, we will also honour our top academic achievers. As a department, we acknowledge the importance of recognition, and we are proud to be the academic home of these outstanding students,” Prof Coetzee added.

The top 10 finalists will each deliver a six-minute presentation to a panel of four economists from the department, after which the top three finalists will be announced. These finalists will then answer an additional question, and the final judging will determine the winner of the ‘Sanlam and Santam Economist of the Year’ title. The winner will also receive the largest cash prize.

In addition to the awards, Sivuyile Nzimeni, a data analyst within the EMS faculty and the developer of the competition platform, will address the audience. Nzimene will discuss the development of the platform and plans for its expansion.

News Archive

Fracking in the Karoo has advantages and disadvantages

2012-05-25

Dr Danie Vermeulen
Photo: Leatitia Pienaar
25 May 2012

Fracking for shale gas in the Karoo was laid bare during a public lecture by Dr Danie Vermeulen, Director of the Institute for Groundwater Studies (IGS). He shared facts, figures and research with his audience. No “yes” or “no” vote was cast. The audience was left to decide for itself.

The exploitation of shale gas in the pristine Karoo has probably been one of the most debated issues in South Africa since 2011.

Dr Vermeulen’s lecture, “The shale gas story in the Karoo: both sides of the coin”, was the first in a series presented by the Faculty of Natural and Agricultural Science under the theme “Sustainability”. Dr Vermeulen is a trained geo-hydrologist and geologist. He has been involved in fracking in South Africa since the debate started. He went on a study tour to the USA in 2011 to learn more about fracking and he visited the USA to further his investigation in May 2012.

Some of the information he shared, includes:

- It is estimated that South Africa has the fifth-largest shale-gas reserves in the world, following on China, the USA, Argentina and Mexico.
- Flow-back water is stored in sealed tanks and not in flow-back dams.
- Fracturing will not contaminate the water in an area, as the drilling of the wells will go far deeper than the groundwater aquifers. Every well has four steel casings – one within the other – with the gaps between them sealed with cement.
- More than a million hydraulic fracturing simulations took place in the USA without compromising fresh groundwater. The surface activities can cause problems because that is where man-made and managerial operations could cause pollution.
- Water use for shale-gas exploration is lower than for other kinds of energy, but the fact that the Karoo is an arid region makes the use of groundwater a sensitive issue. Dr Vermeulen highlighted this aspect as his major concern regarding shale-gas exploration.
- The cost to develop is a quarter of the cost for an oil well in the Gulf of Mexico.
- Dolerite intrusions in the Karoo are an unresearched concern. Dolerite is unique to the South African situation. Dolerite intrusion temperatures exceed 900 °C.

He also addressed the shale-gas footprint, well decommissioning and site reclamation, radio activity in the shale and the low possibility of seismic events.

Dr Vermeulen said South Africa is a net importer of energy. About 90% of its power supply is coal-based. For continued economic growth, South Africa needs a stable energy supply. It is also forecast that energy demand in South Africa is growing faster than the average global demand.

Unknowns to be addressed in research and exploration are the gas reserves and gas needs of South Africa. Do we have enough water? What will be the visual and social impact? Who must do the exploration?

“Only exploration will give us these answers,” Dr Vermeulen said.

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