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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

UFS hosts Commonwealth universities
2005-08-25

The University of the Free State (UFS) in Bloemfontein will host delegates from 14 universities across the Commonwealth next week as part of a programme to measure and promote excellence in university management.

The workshop will be held from Monday, 29 August to Wednesday, 31 August 2005 as part of the Commonwealth University Management Benchmarking Programme, run by the Association of Commonwealth Universities (ACU).

It is the first time that the UFS will host the workshop and the second time that it is held in South Africa. 

“The purpose of the programme is to promote and measure excellence in university management.  Unlike other university benchmarking programmes that focus on matters such as research output, the programme run by the ACU follows a process benchmarking approach and aims to identify and promote best practice and quality assurance,” said Prof Magda Fourie, Vice-Rector: Academic Planning at the UFS.

According to Prof Fourie the programme runs on an annual basis and works on a quality improvement cycle.  Every year certain areas of university management are evaluated by a panel of international assessors.  This year it focuses on strategic planning, recruitment and retention of staff, and branding. 
If weaknesses are identified, plans are compiled which should result in  an upward spiral of continued quality improvement.

“The UFS has been taking part in the programme for the past five years.  Last year we fared particularly well with the evaluation of our change management and engagement with the community,” said Prof Fourie. 

“The ACU benchmarking programme is a useful forum in which we can measure ourselves against  our peers.  It will also help us to prepare for the audit of the effectiveness of our quality assurance policies and systems, which will be conducted in October 2006 by the Higher Education Quality Committee (HEQC) of the Council for Higher Education (CHE),” said Prof Fourie.

Other universities that will take part in the workshop include the Leeds Metropolitan University, the University of Glamorgan in the United Kingdom, the University of Northern British Columbia in Canada, the Central Queensland University, the Monash University in Australia, and the University of the Witwatersrand (Wits).


Media release
Issued by:  Lacea Loader
   Media Representative
   Tel:  (051) 401-2584
   Cell:  083 645 2454
   E-mail:  loaderl.stg@mail.uovs.ac.za
25 August 2005
 

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