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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

UFS student shows what a business plan should look like
2012-04-25

 

Zandile Mabizela and Dr Johan Coetzee
Photo: Leatitia Pienaar
24 April 2012

A business plan presented by Zandile Mabizela, a B.Com. Honours student in Financial Economics and Investment Management at the University of the Free State (UFS), was placed second in a competition of the Junior Chamber International (JCI).

The JCI is a worldwide non-political and non-sectarian youth service organisation with the aim and purpose of creating positive changes in the world.

In the JCI SA Best Business Plan Competition ten finalists gave presentations at the Anglo American Head Offices and the Mag+ Business Plan that Zandile presented was placed second overall at an awards ceremony in Sandton.

Her lecturer, Dr Johan Coetzee, says the remarkable feature of this achievement is that the proposal made by Zandile was the only business concept by a student among the top five. The remaining finalists are all operational businesses that are managed by entrepreneurs in the field.

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