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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

Open Day 2011 attracts thousands of prospective Kovsies
2011-05-04

 

Prof. Jonathan Jansen, Vice-Chancellor and Rector, enjoying the Open Day with two of our students
Photo: Gerhard Louw

Low academic standards may be an accepted norm in society, but will by no means be tolerated at our university. This was the core message of the speech made by Prof. Jonathan Jansen, Vice-Chancellor and Rector, to learners, parents and teachers at our university’s annual Open Day, which took place on Monday, 2 May 2011.

Approximately 6 000 people gathered on our Main Campus in Bloemfontein, where they were introduced to senior staff members and deans and allowed to visit each of our seven faculties. Exhibitions from residences and student organisations also competed for the attention of prospective students.

Prof. Jansen assured attendees in the Callie Human Centre that they can look forward to quality education and an academic climate which aims at producing only the best academics and citizens for South Africa. He explained the steps that are being taken to improve the quality of education at the UFS, such as raised entrance criteria and compulsory class attendance in some of our modules.

He said the raised standards have already proven to increase pass rates, as well as attract high-quality students, as we managed to attract 146 students with six or more A-symbols in Grade 12 this year. This is also evidence in the university managing to deliver two Rhodes scholars, Sannah Mokone and Dirk Bester, in one year.

He also assured parents of their children’s safety, reminding them that not only is Bloemfontein one of the safest cities in South Africa, but students at the UFS are also taught to respect each other. “Students are treated as humans and everyone is treated the same. We are all Kovsies here.”

A record number of 1 000 applications for admission to the UFS in 2012 were received and bursaries to the value of R150 000 were given to prospective students during the day.
 


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

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