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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

Teacher training key to democracy and freedom
2011-12-06

 

MEC Mr Tate Makgoe (left) with Faculty of Education’s Prof. Dennis Francis, holding the inaugural SURLEC Award. With them is Dr Dipane Hlalele.
Photo: Thabo Kessah

Universities have the responsibility to respond to the challenges that the South African education system is faced with.

This is the view of the Free State MEC for Education, Mr Tate Makgoe, during his address at the three-day First Sustainable Rural Learning Ecologies (SURLEC) Colloquium, which was recently held at the Qwaqwa Campus of the University of the Free State (UFS).
 
“Our universities must not only research the failures of our system. They must also come up with solutions.
 
“One of the questions that demand answers in our country is whether we produce quality teachers at our universities, considering our learners’ performance internationally. Our children lack the basics like grammar and yet we are 17 years into democracy. Why is their performance so poor in comparison to children in poorer countries?” asked Mr Makgoe.
 
“We must work together as a Government and universities to change this. Universities must be anchors of democracy and freedom, which is meaningless if our children cannot read and write. We must also focus on Mathematics and Natural Sciences, not forgetting to value our indigenous knowledge and games to enhance learning, especially in Mathematics,” he said.
 
According to Dr Dipane Hlalele, Head of the Faculty of Education at the UFS Qwaqwa Campus, the colloquium was held to search for best practices and success stories relating to the theme, Creating sustainable rural learning ecologies in the 21st century.
 
“Our objective was to tap into experiences and wisdom of policy makers, researchers, scholars, teachers and students in order to map a new direction in research as well as to make an indelible mark on the revitalisation of this campus,” concluded Dr Hlalele.
 
The UFS Dean of Education, Prof. Dennis Francis’ efforts to improve rural education were honoured with the first ever SURLEC Award.
 
Over 70 research papers from the universities of the Free State, South Africa, Venda, KwaZulu-Natal, Limpopo and the Cape Peninsula University of Technology were delivered and learners from the local schools like The Beacon, Mafube, Qwaqwa and Clubview presented their winning projects at the Science Expo.

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