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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

Department Old Testament receives visiting professor from the USA
2009-05-19

 
Prof. Fanie Snyman (left) and Prof. Leder.


Prof. Arie Leder, professor in Old Testament at the Calvin Theological Seminary, Grand Rapids, Michigan in the United States of America (USA) set foot on the African continent for the first time when he visited Prof. Fanie Snyman of the Department Old Testament in the Faculty of Theology at the University of the Free State (UFS). Prof. Leder is a visiting professor at the Department of Old Testament.

During his two-week-long visit to the faculty he amongst others lectured to undergraduate and master’s students. The lectures addressed issues related to the first five books of the Old Testament with the focus on the interpretation of the Hebrew text. The mentioned historical books of the Old Testament were discussed with the postgraduate students of the faculty. During the meeting of the Discussion Group for Biblical Sciences, Prof. Leder presented a public lecture with the theme, “Lady Wisdom and Sir Folly: Preaching Esther for such a time as this”.

According to Prof. Snyman, the agreement with Prof. Leder was to present the same lectures as what he would have delivered at the Calvin Theological Seminary. “The aim was to compare the standards, course content and presentations of the lectures that are presented by the respective departments, with each other. We compare well with the Calvin Theological Seminary and we do not have to be ashamed of ourselves. The feedback of the students about the exposure to another lecturer from another institution was also positive,” said Prof. Snyman.

The possibility of future collaboration was also discussed, specifically with the objective of both institutions publishing articles in the respective journals of both institutions. A further positive result of Prof. Leder’s visit is that colleagues of the Calvin Theological Seminary will be approached to act as external examiners for postgraduate students,” said Prof. Snyman.

The Calvin Theological Seminary libraries are some of the best equipped theological libraries in the world and as a result of the collaboration between our two institutions, staff of this faculty will get the opportunity to visit the Calvin Institution and to utilise the facility.

Photo: Leonie Bolleurs

 

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