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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. 

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Access meets quality in UFS-Varsity College partnership for law degree
2012-07-30

 
At the event were, from the left: Mr Frank Thompson, CEO of ADvTECH, Prof. Jonathan Jansen, Vice-Chancellor and Rector of the UFS, and Prof. Johan Henning, Dean of the Faculty of Law at the UFS.
Photo: Johan Roux
30 July 2012

The University of the Free State (UFS) and Varsity College this week officially launched a partnership whereby the university’s Faculty of Law will offer a four-year Bachelor of Law qualification through the UFS School of Open Learning on eight Varsity College campuses nationwide. This new degree will be offered as early as 2013.

This is the fulfilment of a dream, said Prof. Johan Henning, Dean of the Faculty of Law at the university. He was one of the speakers at the event that was attended by staff members and management from the, Faculty of Law, the university’s South Campus, Varsity College and ADvTECH.

The UFS Faculty of Law is one of the oldest and most distinguished faculties of law in South Africa, and has a close association with several overseas universities which ensures that the institution is internationally recognised.

“I am very positive and enthusiastic about this new partnership. We want to make this an enriching experience for staff and students from both the university as well as Varsity College,” Prof. Henning said.

The CEO of ADvTECH, Mr Frank Thompson, said he is overjoyed about the project and its potential. Varsity College is a brand of the ADvTECH Group, a JSE listed company invested in human capital.

“This is a new beginning for Varsity College and the UFS. Learning together, the slogan for this project, is very appropriate. We are excited to add new students to the university and Varsity College’s line-up,” Mr Thompson said.

Varsity College is part of the Independent Institute of Education (IIE), the leading provider of private higher education in South Africa. According to Dr Felicity Coughlan, Director of the IIE, the partnership between the IIE and the university is an example of the potential that is inherent in public-private partnerships to increase the range of high quality options available to students.

Prof. Jonathan Jansen, Vice-Chancellor and Rector of the UFS, who also was one of the speakers at this event, said with this partnership, students will get the best of both worlds in accessing higher education.

The Faculty of Law will ensure that students obtain both a thorough grounding in legal theory, as well as a solid practical foundation, and Varsity College, through a strong commitment to innovative teaching and learning, will empower more students to become legal graduates of the highest calibre. Thus, the innovative partnership between the UFS and Varsity College will produce a Bachelor of Law degree that is highly sought after in the legal profession.

This partnership is the first of its kind, paving the way for increased collaboration between public and private tertiary institutions to best serve the education sector and the future of graduates.

“This is what is possible when two dynamic partners like the university and Varsity College come together,” Prof. Jansen said.
 

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