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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

Conference on religion and reconciliation
2011-07-25

 

At the conference were, from the left, front: Dr Frank Chikane, President of AFM International; Dr Mathole Motshekga, Chief Whip of the ANC; at the back: Rev. Maniraj Sukdaven, Head of our Department of Religion Studies; and Dr Alan Boesak, connected to our International Institute for Studies in Race, Reconciliation and Social Justice, as well as a minister in the United Reformed Church.

In recent times, reconciliation has mainly been politically driven, Dr Alan Boesak stated during a conference on religion and reconciliation. He was one of a number of prominent academic leaders from various religions who participated in the conference: Exploring religious understanding for reconciliation.The conference was presented by our Faculty of Theology and the International Institute for Studies in Race, Reconciliation and Social Justice at our university this week.

According to Dr Boesak, a theologian connected to our International Institute for Studies in Race, Reconciliation and Social Justice, reconciliation means much more than simply former enemies no longer attacking or killing one another; they also have co-exist with a positive attitude towards one another.
 
Speakers from, amongst others, the Christian, Jewish, Baha’i, Rastafarian, Islam and Buddhist religious communities shared their views on reconciliation with one another.Most of these speakers referred to the special value of humankind in each religion. A person’s life has a supernatural dimension, which ought to play a major role in the way in which people treat one another.
 
Dr Frank Chikane, President of AFM International, as well as a speaker at the event, stated that the religious community should and had to be more active in discussions about reconciliation.“If religious leaders do not talk about current issues, all kinds of voices with distorted perspectives will be heard instead,” Dr Chikane added.
 
Reconciliation can only truly take place if the contribution of each group in society is taken seriously. Apart from the high premium placed on rights in society, duties that have to be fulfilled should also be emphasised. Bishop Malusi Mpumlwana from the Ethiopian Episcopal Church is of the opinion that this sense of duty should be established in people’s frame of mind. Adv. Antony Osler pointed out from a Buddhist perspective how important it was to deal with reconciliation by living up to its principles.
 
Rev. Maniraj Sukdaven, Head of our Department of Religion Studies, is very satisfied with the high quality of the contributions during the conference.

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