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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

UFS Centenary ends with a weekend of festivities
2005-02-04

The University of the Free State ’s (UFS) Centenary celebrations will come to an end this weekend with a packed programme.

“We celebrated this momentous milestone of the UFS since 28 January 2004 and want to end the year on a high note,” said Mr Jan Ras, Centenary Coordinator.

The weekend will start on Friday 4 February 2005 when Prof Frederick Fourie, Rector and Vice-Chancellor, will open the UFS officially. This will be followed by an historic photo of all staff and students who are on campus that day. All staff will be wearing their academic gowns and the Centenary emblem will be depicted.

The annual Kovsie Engen Rag, with We thank you South Africa as theme, will take place on Saturday 5 February 2005 . The procession will start at 08:00 from the UFS Kovsie church and will move down Nelson Mandela Drive and right into Markgraaff Street exit until it reaches St Andrew’s Street. From here it will turn right into Kings Way where it will stop at the Art Market at 10:00 . Prof Frederick Fourie will then propose a toast on the procession. Afterwards the groups and orchestras will step out and the floats will move through the center of town around Hoffman Square and then back to the UFS campus.

According to Mr Ras a reunion for the Student Representative Council (SRC) will also take place this weekend. About 100 former SRC members are expected to attend the planned activities.

The weekend will be concluded on Sunday 6 February 2005 with a special service of devotion, hosted by all the interdenominational groups on the campus. The service starts at 18:00 for 18:30 in front of the Main Building of the UFS and will be a celebration of praise, thanks and worship, followed by a message from Dr Wollie Grobler. The evening will be concluded with a mass choir and a fireworks display.

“Members of the public are welcome to attend the service of devotion and are requested to bring a candle for the purpose of the mass choir. Although chairs will be arranged in front of the Main Building , people are requested to bring extra pillows and blankets to sit on,” said Mr Ras.

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