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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. 

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Renowned writer for Africa Day
2012-05-08

 

Prof. Ngũgĩ wa Thiong'o
Photo: Daniel Anderson-UComm
8 May 2012


Profile of Professor Ngũgĩ wa Thiong'o (pdf format)

To commemorate Africa Day on 25 May 2012, we will be hosting one of the continent’s most renowned writers, Professor Ngũgĩ wa Thiong'o.

Prof. Ngũgĩ wa Thiong'o will deliver an Africa Day Lecture titled, “The Blackness of Black: Africa in the World Today”.

Prof. Ngũgĩ wa Thiong’o, who was born in Kenya, is currently a Distinguished Professor of English and Comparative Literature at the University of California, Irvine. He is the recipient of eight Honorary Doctorates and an Honorary Member of the American Academy of Arts and Letters. Famous works of Prof. Ngũgĩ wa Thiong'o include A grain of wheat, Weep not child, The river between, Secret lives and Petals of blood.

Africa Day marks the founding of the Organisation of Africa Unity (OAU) in 1963. Although the OAU underwent a name change in July 2002 to become the African Union (AU), 25 May still commemorated to symbolise Africa’s independence from foreign political control and affirms Africa’s quest for durable peace and unity.

  • Date: 25 May 2012
  • Venue: Odeion
  • Time: 18:00

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