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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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UFS and DRC Free State sign cooperation agreement
2013-11-27

The University of the Free State (UFS) recently signed a cooperation agreement for a period of five years with the DRC Free State. In this contract it is agreed that the university will offer theological training to DRC ministers.

With this agreement, the DRC Free State confirmed that the theological training currently offered by the Faculty of Theology meets the requirements and expectations of the church in such a way that her ministers can be trained within this context and ethos of the UFS. The Faculty of Theology believes that church involvement in the training of students of the DRC FS (as with all other churches), as well as the spiritual formation and guidance of those students, are important during their training and should be retained.

According to Prof Driekie Hay, Vice-Rector: Academic, the Faculty of Theology at the UFS is the only institution in Central South Africa that offers complete and comprehensive theological training.

“As the youngest of the faculties at the UFS, this faculty has developed a lot in a relatively short time and is firmly established on many levels. The faculty currently offers training in all theological disciplines, from undergraduate to PhD level,” says Prof Hay.

The Faculty of Theology offers a unique national and international contribution to the development of the church, society and academic theological environment. This is made possible through quality theological training and specialist research based on a framework of classical theological training and research.

The new cooperation agreement that was signed acknowledges the uniqueness and independance of both the DRC in the Free State and the Faculty of Theology as public institutions, and strives to serve the interests of both institutions best.

According to Prof Fanie Snyman, acting Dean of the Faculty of Theology, this new agreement proves that the UFS is not only training students academically, but is also concerned with the human aspect of its students.

“It is a privilege for the university to be associated and work together with the DRC in this way,” says Prof Hay. Rev Jan Lubbe, Moderator of the DRC Free State, also indicated that he is very positive and excited about the new agreement.

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