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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. 

Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
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Governor Lesetja Kganyago
Governor Lesetja Kganyago
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs

News Archive

First-year wellbeing a top priority at Harmony residence
2017-06-07

Description:First-year wellbeing a top priority at Harmony residence Tags: First-year wellbeing a top priority at Harmony residence

Ladies from the House Harmony, a unique residence
that focuses on first-years’ experience.
Photo: Supplied

A unique residence that focuses on first-years’ experience, is exactly what Harmony sets out to provide for all first-year students at the University of the Free State.

A residence focusing on mentoring

Entering the adult world can be a daunting experience, but Harmony, unlike other residences on campus, focuses on mentoring. Harmony came to life in 2014 and has assisted many first-years in adapting to the university environment.

According to Pulane Malefane, Residence Head of House Harmony, they have witnessed a significant change in the pass rate of first-year students. “We have realised that first-years gain confidence much quicker than in other residences where they still need to find their way around seniors,” she says.

Adapting to the varsity environment

Harmony makes use of a Residence Assistants (RA) system, not Residence Committees (RC). The RA stay in corridors with their mentees in order to have close contact with them. An RA’s primary role is to be a mentor to first-years and also expose them to different co-curriculum activities on campus. They assist them in adapting to the varsity environment quicker, so as to be able to focus and concentrate on their academics.

Nicole Rabe, RA First-years, says the Harmony belles never cease to amaze her. “Watching these first-years grow from the high school girls that arrived at the start of this year, to the independent women they are now, has truly been a blessing.”

Malefane mentions that they intentionally try to place students from one faculty in the same corridor. In that way, mentors and residence assistants are in close proximity to them. “We have study rooms in each and every corridor of Harmony, making it easy for students to study close to their rooms at any time,” she says.

Phathutshodzo Nekhavanmbe, a first-year LLB student, says she could not have asked for a better house to be placed in. “The Harmony experience has been great so far, as the people living there are approachable and eager to lend a helping hand.”

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