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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

Academics deliver paper at international congress on urban planning
2008-10-07

 

Dr Maléne Campbell from the Department of Urban and Regional Planning at the University of the Free State (UFS) and Mr Andile Mshumpela, master's graduate in Urban and Regional Planning of the same department, presented a paper titled: 'The Peoples Housing Project: The Case of the Amathole District Municipality' at the recent 44th ISoCaRP congress, which took place in Dalian, China. The theme of the congress was 'Urban Growth without Sprawl a Way Towards Sustainable Urbanization' and was jointly organised by the Urban Planning Society of China and ISoCaRP, a global association of experienced professional planners. ISoCaRP (International Society of City and Regional Planners) was founded in 1965 in a bid to bring together recognised and highly qualified planners in an international network. The ISoCaRP network consists of both individual and institutional members of more than 70 countries all over the world. Here are, from the left: Councilor Luntu Bobo of the Buffalo City Municipality, Mr Mshumpela, and Dr Campbell.
Photo: Supplied

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