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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

Lecture honours one of SA’s greatest women leaders
2008-08-22

A member of the national executive committee of the ANC Women’s League, Yolanda Botha, has called on all South Africans to cherish the legacy of Charlotte Maxeke, one of South Africa’s greatest women leaders.

Ms Botha was delivering the first Charlotte Maxeke Memorial Lecture at the University of the Free State (UFS) in Bloemfontein last night, in honour of the pioneering role played by Maxeke in the struggle for human rights, democracy and freedom. The lecture series is a partnership between the Free State Provincial Government and the university.

She was born Charlotte Makgomo Manye on 7 April 1874 at Ramokgopa in the Polokwane district in Limpopo. In 1905 she graduated from the Wilberforce University in Ohio in the USA with a B.Sc. degree, making her the first black South African woman to graduate with a science degree.

She married the Rev. MM Maxeke, a prominent AME minister who had also been educated overseas, and together they collaborated on the compilation and publication of the first AME church hymn book in Xhosa.

Later she became a founder member and president of the Bantu Women’s League, forerunner of the ANC Women’s League. She was an early opponent of the pass laws for black women and an organiser of the anti-pass movement in Bloemfontein.

Charlotte Maxeke died in 1939. Two years later, an ANC conference held in Bloemfontein, passed a “resolution on the women’s section”.

Elaborating on the challenges that women still face, Ms Botha said poverty remains a challenge affecting the majority of women. She called on all women to unite and engage with government to develop a comprehensive strategy for food security and agricultural support programmes to eradicate poverty.

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

22 August 2008

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