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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

UFS hosts colloquium on technological higher education
2016-10-27

Description: Technology colloquium Tags: Technology colloquium

Prof Lew Zipin, Prof Sechaba Mahlomaholo,
Prof Marie Brennan and Dr Milton Nkoane,
attended the Faculty of Education’s colloquium
on the field of technological higher education
and its contribution to the knowledge society,
at the UFS Bloemfontein Campus. 

The University of the Free State’s (UFS) Faculty of Education, in collaboration with the Research and Development Unit from the Central University of Technology (CUT), hosted a colloquium on the field of technological higher education and its contribution to the knowledge society. Prof Marie Brennan and Prof Lew Zipin, both from Victoria University in Melbourne, Australia, presented the keynote addresses of the colloquium.

The past, present and future
The current fees protests in South Africa have caused universities to rethink and strategise new ways of delivering knowledge. Prof Brennan cautioned that when moving towards technological solutions for teaching, a crucial balance between past knowledge and practices and present and future knowledge and practices needed to be maintained.
“Knowledge is always dynamic, always generated from live problems, and therefore always relies on social interactions. Face-to-face interaction is removed by intense interaction with technology. If knowledge is presently linked to technology, we as academics must be able to move it. However, we should not neglect the indigenous knowledge that was generated through face-to-face interaction,” said Prof Brennan.
She purported that a reconnection between social relations and technology was important but to achieve this, a clearer pedagogical understanding of knowledge production was needed.

Never simplify complex problems

Prof Zipin said academics were constantly seeking complex problems and therefore could not reduce the complexity of a problem to simplify it for students entering the higher education space.
“We need to become a knowledge society. Ideologies often sway us not to look at the complexities of knowledge otherwise these ideologies would not be persuasive,” said Prof Zipin.

Is the technological move counterproductive?
Prof Zipin also cautioned that the move towards technological means for transferring knowledge had its own drawbacks. Institutions are a knowledge economy and its product is human capital. However, producing graduates who catered only to a technological society created downward mobility.
“People’s jobs are replaced by technology. This causes wages to decrease significantly because of structural inequalities, the move towards tech-based schooling should be done cautiously,” said Prof Zipin.

Simplicity not the ultimate sophistication
Prof Zipin concluded by stating that higher education had a responsibility to give its students the best possible future, this could be done by creating hegemonic relationships between institutions of higher learning, government and the private sector. Academics needed to fill the gap and apply their knowledge by applying complexity to social issues and allowing the complexity of these issues to flourish, the professor said.

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