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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

Cultivating excellence and success through academics
2011-10-07

 

Unlocking potential. At the Golden Key South African Summit 2011 were, from the left: Dr Derek Swemmer, Registrar (UFS); Prof. Driekie Hay, Vice-Rector: Academic; Mr Ryk Neethling and Ms Charlene Gunter, Director: Golden Key International Honour Society, South Africa.
Photo: Phelekwa Mpono

More than 130 delegates are gathering for the Golden Key, South African Summit at the Bloemfontein Campus of the University of the Free State (UFS). Golden Key International Honour Society recognises academic excellence and uses knowledge to transform lives. It has 400 chapters in eight countries. Of South Africa’s 12 chapters, 11 were present at the summit.

Prof. Driekie Hay, Vice-Rector: Academic at the UFS, welcomed delegates from the respective chapters. She commended them for their perseverance and dedication to excel. “Your academic aspirations and commitment contribute to cultivating a culture of excellence. It will provide a better future for every South African citizen,” she said. Prof. Hay challenged delegates also to “act” by turning their knowledge into actions to advance not only themselves but also society. She also urged them to “discover” everything about themselves, their chosen disciplines, allies and oppositions. “Mostly, you must internalise the spirit of lifelong learning,” she said.

Mr Ryk Neethling, Olympic gold medallist and businessman, was the first keynote speaker. He took everyone through the steps that ultimately led to the moment of victory for him and his team. “We found a way to compete with heart and determination in the 2004 Olympic Games. We were prepared and we took everyone by surprise. “To achieve what one has set one’s mind to, we must dream big,” he said. “Play your part in the team and be confident. Remember that you are victors and not victims,” he urged. He further emphasised the importance of making one’s own luck and, most of all, never to give up.

Another speaker for the summit includes Ms Peggy-Sue Khumalo, former Miss South Africa. Dr Derek Swemmer, Registrar (UFS) will present a workshop on Strategic Action Planning.

This event is the first external lecture that is presented in the Metro’s found in the new Health Sciences Building on the Bloemfontein Campus of the UFS.
 

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