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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 project teaches students psychology behind training
2009-05-13

 
Aaron Li and Marisa Smit busy teaching pre-school children how to bake biscuits at the Welpies Pre-primary School of Free State Care in Action in Bloemfontein.
Photo: Supplied


A community project of the third-year industrial psychology students at the University of the Free State (UFS) is helping students to gain a better understanding of the psychology behind training so as to facilitate a higher success rate with regard to their programme. Since 2004 the Faculty of Economic and Management Sciences and the Community Service Learning Office at the UFS have been involved in a very unique community project. The third-year industrial psychology students are required to conduct their own needs analysis to determine the needs of the community allocated to them, after which they must address this need in a viable, sustainable manner. Key to this project is training and development that often involve the unemployed and entrepreneurs. Some training is also focused on smaller children. The 340 students involved in the project this year were responsible for presenting projects at various communities in Mangaung, amongst others: The Life Cycle of a Butterfly; Small-Group Facilitation; Bake and Decorate a Cookie; Sustainable Chicken Project; How to use the Library; Fire Prevention; Peer Pressure; Team Development; Preparation for Interviews and Writing of CVs; and Early Childhood Development.

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