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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

Community Service Summit
2008-10-20

Community service must heal our campus

Photo gallery

Community service and community service learning at the University of the Free State must be put in the forefront of healing our divided campus and our divided country.
This was the message from the Acting Rector Prof Teuns Verschoor when he opened the Community Service Summit that was held in Thaba Nchu on 9 and 10 October 2008.
“The importance of community service is that it heals those who help others because the needs of others are more important than our own needs when we render service to those who are worse off than ourselves,” prof Teuns said.

He said community service has already helped to change the UFS in terms of the academic experience of students and staff and in terms of the perceptions that various communities hold about the UFS.

The summit was attended by more than 35 representatives from different Faculties and departments of the university, representatives from the communities in the Motheo and Xhariep District Municipalities as well as the project managers of Lebone Land and the Bloemfontein Life Change Centre.

Several issues pertaining to the Community Service Policy of the UFS, as well as other related issues were discussed which will culminate in a Statement of Intent that will be handed to the Executive Management of the UFS. This is being done in response to the challenge of the acting rector that the Summit will make a meaningful input in the repositioning process of the UFS.

One delegate described her participation in the Summit as a life changing experience. “This articulation of her experience has captured the views of a lot of the delegates. It shows that there is a big need to cement the importance, commitment to and implementation of Community Service and Community Service Learning at the University of the Free State. With the support of our partners we are determined to make a difference in the lives of the people of the Free State and beyond,” said Rev Kiepie Jaftha, Chief Director Community Service at the university.



 

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