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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

One student – nine awards
2012-04-04

 

Marina Viljoen
2 April 2012


Marina Viljoen was also a recipient of one of the university’s Dean’s Medals at the Autumn Graduation Ceremony. Apart from the Dean’s Medal, Marina also received nine awards at the Faculty of Law’s prize-giving ceremony. She was awarded the degree LL.B. (summa cum laude).

Marina is studying for her LL.M. degree, while doing her articles at Webbers Attorneys in Bloemfontein. “Kovsies definitely has the best law faculty in the country. The lecturers are really friendly and very helpful,” said Marina.
Heyns du Preez received the Dean’s Medal in the Faculty of Theology. He completed a B.Th. degree, and is registered for a M.Th. degree in Pastoral Studies. He works part-time at the student church on the Bloemfontein Campus of the university.

Maryke du Toit also received her degree at this year’s Autumn Graduation Ceremony. She is the daughter of Yolanda du Toit, a staff member at the university. Maryke, who has already completed her B.Com. Law degree, received her LL.B. (cum laude).

She is currently studying at the university’s Centre for Financial Planning as a certified financial planner. “Kovsies has been an unforgettable student experience with the beautiful campus, excellent lecturers and course. I’ve enjoyed every moment,” she said.

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