From the streets of Pietermaritzburg to the halls of academia, a student in the School of Commerce, Dr Declek Khwazi Magubane graduated with a Doctor of Philosophy in Economics underscoring a remarkable journey marked by faith and resilience.
On the cusp of his 32nd birthday, he celebrates not only his triumph over adversity but also the completion of a PhD that imparts lessons far beyond the field of economics.
Born in KwaMpumuza and raised in Hanniville in the Mgungundlovu District, Magubane’s early years were marked by loss and hardship. After the passing of his legal guardians, he moved between orphanages before eventually finding himself living on the streets of Pietermaritzburg’s central business district. Yet, December 2007 marked a turning point.
“I was born again and welcomed into the spiritual family of Ms Zoleka Ngcobo and Mr Bee Ngcobo, who remain my loving parents to this day. After giving my life to Christ, I went back to school (starting again from Grade 8) and never looked back. Since then, my life has been marked by resilience, purpose, and passion,” he said.
While the pursuit of knowledge ultimately steered him toward his doctoral studies, his journey was not without challenges.
“I was faced with personal challenges that affected my mental health,” he said. “But the most difficult challenge was simply identifying what I wanted to research – and more importantly, whether it was researchable. That head start was not easy, but thankfully I had two incredibly supportive and patient supervisors: Professor Phocenah Nyantanga and Dr Ntokozo Nzimande, who provided me with guidance.”
His thesis, titled: ‘Cross-Country Macroprudential Coordination and Financial Stability in Advanced and Systemic Middle-Income Economies’, explored global policy dynamics in financial regulation.
His research investigated whether the world’s largest economies should co-ordinate macroprudential policies or act individually. His study examined four advanced economies – the United States, the United Kingdom, Germany, and Japan – alongside eight major emerging market economies, including South Africa.
“I examined whether these economies have an incentive to co-ordinate by looking at the depth and direction of their financial integration. Secondly, I analysed the policy trade-offs that arise when economies attempt coordination in macroprudential policy. Finally, I constructed a measure of common financial risks to identify the areas where co-ordinated efforts might be most necessary,” he said.
The findings underscored the interconnectedness of global financial systems and emphasised that while co-ordination holds great benefits, balance with independent action remains crucial. The implications extend to South African institutions like the Reserve Bank and global bodies such as the International Monetary Fund (IMF).
Looking ahead, Magubane is determined to ensure his work does not gather dust on a shelf. “My plans begin with sharing my findings at conferences and, creating opportunities for dialogue with scholars, policymakers, and practitioners. I also want to continue publishing, both to contribute to academic debates and to address new research questions that emerged from my study,” he said.
For Magubane, this achievement is far more than an academic milestone. “This PhD is the fulfilment of a lifelong dream. It is a source of personal inspiration and a foundation for contributing meaningfully to both scholarship and society,” he said.
Words: Ayanda Radebe
Photograph: Sethu Dlamini
