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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

Curtains fall on Darwin lecture series
2010-02-03

The University of the Free State (UFS), in collaboration with the Central University of Technology and the National Museum in Bloemfontein, will host the final lecture of the Charles Darwin lecture series entitled "The story of life and survival" as part of the 200-years celebration of Charles Darwin’s birthday on Thursday, 11 February 2010.

The lecture titled Trends in evolution and their bearing on the future of humankind will be presented by Prof. Bruce Rubidge and Prof. Terence McCarthy from the University of the Witwatersrand and co-authors of the book The Story of Earth and Life.

Last year, when the year-long lecture series started, several lectures were presented by academics from various departments at the UFS.
Prof. Marian Tredoux and Mr Johan Loock from the Department of Geology presented lectures on The origin of our solar system and The geological evolution of our planet: the first billion years, respectively.

"Transitions and extinctions" was the topic of another lecture presented by Dr Jennifer Botha-Brink, a paleontologist at the National Museum and affiliated to the Department of Zoology and Entomology at the UFS. She discussed the causes of mass extinctions and their effects on the world's organisms.

The Department of Genetics also made their contribution to this lecture series in the form of two lectures on the genetic foundation of evolution presented by the Head of the Department, Prof. Johan Spies and Prof. Paul Grobler, an Associate Professor in the Department.

Next followed lectures on the evolution of the information and communication technology that were presented by the Departments of Communication Science, Chemistry, Physics, and Computer Science and Informatics, which focused on communication in a manufacturing environment, the knowledge explosion and the broadband universe.

This final lecture of the series will be presented in the CR Swart Auditorium on the UFS Main Campus at 18:00. Limited seats are available and bookings can be made by contacting Ms Isabel Human at humanci@ufs.ac.za or 051 401 2427 before or on Monday, 8 February 2010.

Media Release:
Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt@ufs.ac.za  
2 February 2010

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