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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

New security measures for Rag fundraising
2012-01-25

The University of the Free State will no longer allow first-year students to sell Ritsems or to shake their cans for change at traffic robots in Bloemfontein in an effort to raise funds for Rag Community Service.

This decision follows after an evaluation has been done in 2011 and 2012 concerning the safety risk for students during this type of sales at road crossings.
 
The new security measures have specifically been implemented for this type of sales since last year.
 
The measures included, among others, that students should be obliged to wear brightly coloured safety jackets during sales, continuous supervision of first-year students by senior students to ensure that students keep to the rules of the road, and limiting the sales hours at robots.
 
Through notices in the media, an appeal was made on motorists to keep a lookout for students raising money for Rag Community Service. The measures were implemented and the effects thereof for students’ safety during sales at robots monitored since last year. This follows after a student, Ms Hanje Pistorius, was hit by a reckless driver in 2010 and she subsequently lost her leg as a result of the accident. 
 
Although, from all appearances, the new measures are a positive contribution to protect students even more, the UFS decided to abolish the sales and fund-raising actions at traffic robots. As reckless drivers would not necessarily take notice of the extra measures, the risk to students at robots stay unchanged. 
 
"The UFS sets the safety of its students as first priority and considers it in the best interest of students to not expose first-years to the risk during our Rag programme,” says Mr Rudi Buys, Dean: Student Affairs at the UFS.
 
Night fund-raising and the selling of Ritsem in the city’s suburbs will, however, continue. 
 
Although the UFS do not expect the new measures to be detrimental to fund-raising efforts, Rag Community Service currently considers new supporting proposals for the raising of funds for community projects in order to address any possible reduction in funds. 
 
Mr Buys also has an agreement with Ms Pistorius to assist Rag Community Services in the planning of new projects.
 
The Night fund-raising in suburbs will take place on Tuesday 24 January and Thursday 26 January and the UFS calls on residents to assist students and help them in the important task at hand.
 
Three Rag processions will take place on Saturday 28 January 2012. At 10:00 two Rag procession will be leave for Heidedal and Mangaung, where the Kovsie Rag Community Service will hand out food parcels.
 
The main Rag Procession will leave the UFS at 18:00 and will move towards the Old Greys sports ground for the Rag concert with Die Heuwels Fantasties and DJ Black Coffee.

Media Release
25 January 2012
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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