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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

UFS awards honorary doctorate to Archbishop Emeritus Desmond Tutu
2011-01-01

Archbishop Emeritus Desmond Tutu

The University of the Free State (UFS) will reach a milestone in its history today when an honorary degree, the Doctor of Theology, will be conferred on Archbishop Emeritus Desmond Tutu.

At the same event Archbishop Tutu will launch the university’s International Institute for Studies in Race, Reconciliation and Social Justice.
 
The idea of the establishment of such an institute originated after the Reitz incident in 2008. In 2009, during his official inauguration, Prof. Jonathan Jansen, Vice-Chancellor and Rector, embodied this idea when he stated that the university would be an example of a place where reconciliation, forgiveness and social justice would not only be studied, but where it would also be applied in practice. “Students and scholars from across the world will come to the UFS to study the theory and practice about the building of societies across the boundaries of race, as well as religion, gender, disabilities and national origin,” Prof. Jansen said.
 
The institute is a critical intellectual space where engaged scholarship, public discussion, community engagement and contextually relevant teaching are innovatively harnessed towards exploring and finding solutions to the complex and challenging work of social transformation in South Africa,” says Mr John Samuel, Interim Director of the institute. Mr Samuel was the former Chief Executive Officer of the Nelson Mandela Foundation.
 
According to Mr Samuel, the institute seeks to establish itself as a premier international site for research on race, reconciliation and social justice. “We want to link the manifestations of race in higher education, to the related matters of reconciliation and social justice in the South African context against the backdrop of racial and ethnic conflicts elsewhere in the world,” says Mr Samuel.
 
The institute will, amongst others, publish groundbreaking research, organise national and international conferences about reconciliation and social justice, as well as contribute to the establishment of national and international networks that are actively involved in matters relating to race, reconciliation and social justice. Through its research, the institute will endeavour to understand the challenges facing the UFS better, as well as how to address these challenges. For this reason, the concept of the UFS as a “live laboratory” and the use of evidence-based practice remain important for the university.
 
By honouring Dr Tutu, the UFS recognises the contribution that Dr Tutu has made in the field of Theology through his teachings and the books he has written. However, the UFS is not only honouring him as a moral and religious leader who has maintained his integrity as a Christian. “We honour a great son of South Africa who has made a huge contribution to peace, reconciliation and justice in South Africa and in the world,” says Prof. Jansen.
 
The unveiling of the new corporative brand of the UFS will render further lustre to the day.

Media Release
17 January 2011
Issued by: Lacea Loader
Director: Strategic Communication (actg)
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za

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