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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

Work clouds and rhizomatic learning – Prof Johannes Cronjé teaches through technology in inaugural lecture
2014-09-29

Prof Johannes Cronjé 

Prof Johannes Cronjé has been appointed as visiting professor in the Faculty of Natural and Agricultural Sciences in collaboration with the Centre for Teaching and Learning. The driving force behind his appointment is to develop young and upcoming scholars in the field of online and blended learning at our university.The title of Prof Cronjé’s inaugural lecture, ‘Tablets, Painkillers or Snake Oil – a Remedy for Education?’ suggested a compelling event. Prof Cronjé did not disappoint.

“We live in a world where we carry more information in our pockets than in our entire head,” Prof Cronjé remarked. Interesting fact: an iPhone 4 has 16 million times more processing power than the Apollo 11 – the spacecraft that put the first man on the moon.

If students carry this much processing power in their hands, what should we be teaching students? Prof Cronjé asked. “I believe the answer to that is: we should be teaching them to teach themselves.”

Presenting his inaugural lecture in the same way as he would to his students, Prof Cronjé had the entire audience within minutes vigorously participating in the event.

Prof Cronjé advocates a process called rhizomatic learning. Knowledge, he explained, grows in a similar way to rhizomes’ roots – inseparably connected and seemingly without beginning or end. “Learning is a social aspect: people learn from one another.”

Making use of freely-available online applications, Prof Cronjé demonstrated the power of technology in the classroom. “My objective is to use technology to make people enthusiastic and motivated about the learning process.” Using their smartphones, tablets and laptops, the audience could effortlessly participate through connecting to each other by means of a virtual work cloud. “Knowledge is being created in the room as it happens,” Prof Cronjé explained, “motivating you to participate in this learning experience.”

“There are three things you need for group work to be successful: a mutual goal, individual responsibility and positive interdependence. Then it is real cooperative learning,” Prof Cronjé concluded.

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