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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

Laptop in, paper out
2013-07-31

 

Prof Pieter Nel gives advice to students.
Photo: Johan Roux
31 July 2013

The first major steps to a paperless lecture environment for the School of Medicine were taken in July 2013 with the presentation of laptops to all first-year- medical students.

The aim is to have the entire undergraduate medical programme computer-driven within a few years and to get rid of paper in the classroom.

Prof Pieter Nel, Programme Director: Health Sciences at the school in the Faculty of Health Sciences, said, “As far as we know, this action is the first of its kind in any medical school in South Africa whereby an entire class are supplied with computers for this purpose. We also have no knowledge of anything similar in any programme within any other faculty at any university in South Africa.”

All first-year medical students received laptops. The UFS is facilitating the process to provide students with computer access via their own laptops. “The reason for this is that the undergraduate health-sciences programme will be totally computerised from now on. Students will therefore utilise their laptops in all their contact sessions.”

The entire building where teaching takes place is equipped with Wi-Fi. The students buy the laptops at a much lower cost than the commercial price.

Prof Nel said the printing costs of study material during a student’s undergraduate study years can amount to as much as R5 000.

In future, first-year students will receive laptops, computerising the entire undergraduate health-sciences programme within a few years, Prof Nel said.

During the presentation of the first laptops, Prof Gert van Zyl, Dean of the Faculty of Health Sciences, referred to this action as a big step forward in modernising the undergraduate training of medical students in the faculty.

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