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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

Different religions introduced at UFS forum
2010-08-18

 
Mr Ronnie Rosen, leader of the Jewish community in Bloemfontein.

The Inter-Religious Forum (IRF) of the Faculty of Theology at the University of the Free State (UFS) has started a discussion series which offer the opportunity to different religions to introduce themselves. According to Rev. Maniraj Sukdaven from the Department of Religion Studies at the UFS, the purpose of the discourse series is to get to know more about one another’s religion within an atmosphere of respect.

During the last IRF meeting, Mr Ronnie Rosen, leader of the Jewish community in Bloemfontein, gave a talk about the Jewish religion. According to him there is a wide range of Jewish people.

“The one thing, however, that all Jewish people have in common is the Torah or Law-Book. There are 613 instructions that help a Jewish person to organise his life according to the Jewish way of life. For example, a Jewish person who wants to obey the Torah would not consume dairy products and protein together. This life style is not only regarded as a religion, but a way of life, which constantly makes a person aware of his relationship with God,” he explained.

Another interesting fact that transpired during the discussion was that, for the first time in the history of the world, there are more Jews in Israel than in other concentrated areas across the world. Five (5) million Jews are currently living in Israel, while the remaining 10 million Jews are spread across the world.

During the meeting of the IRF forum, persons from amongst others the Baha’i, Hindu and Christian religions participated in the discussion. Other religions that have already been discussed are Hinduism, Christianity, Islam and Rastafarians.

The IRF will also be involved in the structuring of course material about the different religions and an inter-religious conference will be part of the IRF’s programme in 2011.

The IRF is the only institution of its kind at South African universities.



 

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