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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

Reitz residents given time until 30 July 2008 to evacuate residence
2008-06-06

The Acting Rector of the University of the Free State (UFS), Prof. Teuns Verschoor, today informed the UFS Council about his decision to close the Reitz Residence.

Council requested management today during its quarterly meeting to take any reasonable steps to minimise the inconvenience of the residents who are affected by the closing of the residence. This includes the finding of alternative accommodation and their academic work.

The residents have been requested to evacuate their rooms no later than the day following the last day of the second examination opportunity of the first semester, namely 30 July 2008.

Although the residence will therefore close on 20 June 2008, the UFS has given residents the opportunity to evacuate the residence up and until 30 July 2008.

According to Prof. Teuns Verschoor,  the decision was made in consideration of suggestions by the Council, Student Representative Council, primes of residences, other stakeholders, the parents of residents as well as the first-year students in the residence. .

The special committee appointed to assist residents with finding new accommodation requested the residence head to provide it with the names of students who are in need of accommodation. The committee has already found alternative accommodation for students on campus as well as within walking distance from the campus and will approach these students with suggestions.

Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs.ac.za
6 June 2008

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