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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

Diversity gains ground in SRC election
2005-08-19

 

The University of the Free State (UFS) reached another milestone in its transformation process last night (Tuesday 16 August 2005) when a more diverse group of students than ever before were elected to serve on the Main Campus SRC.  

In addition to this, the UFS experienced a smooth and problem-free election process – unlike recent years when the Main Campus SRC elections were frequently disrupted or marred by attempts of intimidation or obstruction.

The election took place on Monday 15 August 2005 and the results were announced last night (Tuesday 16 August 2005) by Dr Ezekiel Moraka, Vice-Rector:  Student Affairs at the UFS.

Seven black students are to serve on the Main Campus SRC, the highest number of black students ever to be elected on the Main Campus SRC since black students were admitted to the UFS in the late 1980’s. 

Nine of the 18 SRC members were directly elected and nine on the basis of proportional representation (PR).   The PR system was introduced after amendments to the constitution of the Main Campus SRC were approved by the UFS Council in June 2005. 

According to Dr Moraka the elections on the Main Campus were a resounding success.  “We received double the amount of votes this year: A total of 4 846 votes were cast, while 396 votes were spoilt.  Last year only 2 192 votes were cast,” said Dr Moraka.

Dr Moraka said that there were no disruptions of the process and no objections regarding the voting process were received.

Mr Graeme Bradley, thirdyear student in B Com Human Resource Management, was elected as SRC President of the Main Campus for 2005/2006.  Mr Bradley was SRC representative for Sports, Arts and Culture in 2004/2005.

In the PR section of the election, Here XVII (with 36,1% of  the vote) and Sasco (with 36% of the vote) received an equal amount of seats (3) for the SRC.  These percentages also provided them with fourteen (14) seats for the Student Parliament, which consists of 40 seats. 

“This outcome is significant to us as, for the first time we have a clear indication of what the actual support of these affiliated organisations is on campus,” said Dr Moraka.  


Media release

Issued by:  Lacea Loader
   Media Representative
   Tel:  (051) 401-2584
   Cell:  083 645 2454
   E-mail:  loaderl.stg@mail.uovs.ac.za

17 August 2005
 

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