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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

Graduation ceremony awaited with great excitement
2011-06-22

Everything is running according to plan on the Bloemfontein Campus of our university for the graduation ceremony of Ms Oprah Winfrey, which is taking place in the Callie Human Centre today, 24 June 2011. 

The graduation ceremony, during which an Honorary Doctorate in Education will be conferred upon Ms Winfrey, promises to be something special. Measured against the smooth course of the preparations, the speed at which the tickets were obtained and the continuous interest amongst UFS staff and students, as well as members of the public, this promises to be a real 2011 highlight for all who are going to attend the event. 

Strict safety and security measures shall be enforced and therefore, ticket holders are requested to make sure that they arrive early on the Bloemfontein Campus. 

The UFS is aware of the fact that tickets are sold illegally at shopping centres in Bloemfontein. Computicket equipment shall be used on the premises tomorrow to ensure that only persons who have original tickets in their possession are admitted. People found to be in possession of forged tickets tomorrow shall be prosecuted. 

The doors of the Callie Human Centre shall open at 13:00 on Friday for ticket holders and shall be closed strictly at 14:00. For safety and security reasons, nobody shall be allowed to enter or leave the building after the doors were closed. 

Although the entrance gates to the Bloemfontein Campus shall not be closed, certain streets on the campus will be closed for some time today (23 June 2011) and the whole of Friday (24 June 2011). More information about this is available at www.ufs.ac.za 

Clear signs, as well as voluntary staff, shall guide parking visitors to their parking spaces. The volunteers were selected after staff of all three campuses offered their assistance for the day. 

Amongst the 4 500 guests attending the graduation ceremony are various well-known personalities and dignitaries, alumni, learners and other stakeholders of the university. Good reaction has also been received from the local, national and international media. 

The programme in the Callie Human Centre is as follows: 

13:00 Doors open
14:00 Doors close
14:30 Opening performances
15:30 Graduation ceremony
16:00 Ms. Winfrey’s speech and question and answer session with students
18:00 Programme ends.
 

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