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01 September 2019 | Story Lacea Loader | Photo Stephen Collett
Chief Justice Mogoeng Mogoeng
From the left: Prof Prakash Naidoo, Vice-Rector: Operations at the UFS; Justice Mogoeng Mogoeng, Chief Justice of the Republic of South Africa; and Prof John Mubangizi, Dean: Faculty of Law at the UFS.

    Watch the full prestige lecture HERE.


“The government of the day should be based on the will of the people and must be led by people who deserve to lead us.” These were the words of Justice Mogoeng Mogoeng, the Chief Justice of the Republic of South Africa, during a prestige lecture delivered in the Faculty of Law on the Bloemfontein Campus of the University of the Free State (UFS) on 30 August 2019.

In addressing the topic of ‘Transformative Constitutionalism’, Chief Justice Mogoeng Mogoeng said this simply meant that the constitution was used as a tool to change or move a family, society, institution or the nation from an unacceptable to a more desirable position. He added that constitutionalism can be enhanced through ethical, courageous, and visionary leadership.

“There is a belief that judges should have nothing to do with matters of politics. I agree, but only to a certain extent. Judges are supposed to deal with political issues, as they interpret the constitution and the law. It is inescapable in a South African context. Some say that judges should only speak through their judgments. I've always said that our constitution is political in nature.”

“The preamble of our Constitution says this country belongs to all who live in it, but to what extent have we allowed our Constitution to achieve these objectives? A constitution does not implement itself. It takes people with a particular mindset and conviction. Transformation demands from the public to ensure that government is truly based on the will of the people,” he said.

According to the Chief Justice, South Africa needs strong and well-resourced institutions – including a strong judiciary. Institutions must be vigilant for any form of abuse of power and capture. Institutions cannot only be captured by external forces. They can be captured internally as well.

Another crucial element is education and the quality and condition of higher education at every level. “Our school system must allow the youth who are coming from high school to be able to adapt with ease when they get to university.”

“We need people who truly love their country to assume positions of power. Transformative constitutionalism is all about giving expression in a practical way. We should look at solutions for our country based on compromise that can bring us together as South Africans.”

He paid tribute to people such as former President Nelson Mandela, Mama Albertina Sisulu, and Adv Bram Fischer, who opted for the greater good of many, rather than personal satisfaction and gain. “South Africa belongs to all – not some – who live in it, united in our diversity. Are you prepared to serve the state? Do you love this nation? Go out there and pursue social justice. Don't buy things from thieves just because they are cheap. You are encouraging crime.”

“We can't continue this way and expect a different outcome. It is not too late; go out there and contribute towards building the South Africa that we can be proud of,” he concluded.

Hosted by Prof John Mubangizi, Dean of the UFS Faculty of Law, the prestige lecture was attended by approximately 800 guests, comprising senior members of the Supreme Court of Appeal, the Free State Division of the High Court, the university’s executive management, the Faculty of Law, staff members, students, and members of the public.

The Prestige Lecture Series was originally known as the Law Deans’ Prestige Lecture Series and was initiated by the late Prof Johan Henning, former Dean of the UFS Faculty of Law. The series started in 2011 as an initiative to encourage, develop, and expand academic discourse on topical jurisprudential issues and other related matters. Previous lectures were delivered by, among others, Prof Barry Rider from the University of Cambridge in the UK; Justice Richard Goldstone, formerly of the Constitutional Court of South Africa; former Deputy Chief Justice Dikgang Moseneke; and more recently, Judge President Dennis Davis.

News Archive

Producers to save thousands with routine marketing strategies, says UFS researcher
2014-09-01

 

Photo: en.wikipedia.org

Using derivative markets as a marketing strategy can be complicated for farmers. The producers tend to use high risk strategies which include the selling of the crop on the cash market after harvest; whilst the high market risks require innovative strategies including the use of futures and options as traded on the South African Futures Exchange (SAFEX).

Using these innovative strategies are mostly due to a lack of interest and knowledge of the market. The purpose of the research conducted by Dr Dirk Strydom and Manfred Venter from the Department of Agricultural Economics at the University of the Free State (UFS) is to examine whether the adoption of a basic routine strategy is better than adopting no strategy at all.

The research illustrates that by using a Stochastic Efficiency with Respect to a Function (SERF) and Cumulative Distribution Function (CDF) that the use of five basic routine marketing strategies can be more rewarding. These basic strategies are:
• Put (plant time)
• Twelve-segment pricing
• Three-segment pricing
• Put (pollination)(Critical Moment in production/marketing process), and
• Pricing during pollination phase.

These strategies can be adopted by farmers without an in-depth understanding of the market and market-signals. Farmers can save as much as R1.6 million per year on a 2000ha farm with an average yield.

The results obtained from the research illustrate that each strategy is different for each crop. Very important is that the hedging strategies are better than no hedging strategy at all.

This research can also be applicable to the procurement side of the supply chain.

Maize milling firms use complex procurement strategies to procure their raw materials, or sometimes no strategy at all. In this research, basic routine price hedging strategies were analysed as part of the procurement of white maize over a ten-year period ranging from 2002–2012. Part of the pricing strategies used to procure white maize over the period of ten years were a call and min/max strategy. These strategies were compared to the baseline spot market. The data was obtained from the Johannesburg Stock Exchange’s Agricultural Products Division better known as SAFEX.

The results obtained from the research prove that by using basic routine price-hedging strategies to procure white maize, it is more beneficial to do so than by procuring from the spot market (a difference of more than R100 mil).

Thus, it can be concluded that it is not always necessary to use a complex method of sourcing white maize through SAFEX, to be efficient. By implementing a basic routine price hedging strategy year on year it can be better than procuring from the spot market.

Understanding the Maize Maze by Dr Dirk Strydom and Manfred Venter (pdf) - The Dairy Mail


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