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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

Senior leadership approves CSRC appeal
2012-05-14

The senior leadership of the UFS has approved the appeal lodged by the Central Student Representative Council (CSRC) to allow students deregistered on 30 April 2012 for not meeting their financial obligations, to write the May/June 2012 exams.
 
As from 14 May 2012, a relatively small number of 428 deregistered students will automatically have their registration reinstated and they will be granted the opportunity to write exams, provided that they have obtained a 40% predicate mark for each module.
 
A name list of the deregistered students will be sent to the heads of departments where they were enrolled. Only students who have obtained a 40% semester mark will be permitted to write exams.
 
Today the Executive Committee of Senate approved a recommendation that those students who only become aware of this arrangement after one of their scheduled modules has already been examined, may apply for permission to the Academic Timetables and Venues Office, Room 166, George du Toit Administration Building on the Bloemfontein Campus, to write a special examination. On the Qwaqwa Campus students may apply for permission to the Examination Section, Room 137 in the Administration Building.
 
This will, however, be a once-off opportunity and students will not be afforded another opportunity to write exams if they miss the first examination opportunity as well as the special examination. A student who writes only the special examination and fails will not be given a further opportunity. A student who writes the main examination and does poorly, but qualifies for a supplementary examination, may write the supplementary examination in the additional examination period.
 

This arrangement applies to all UFS campuses.
 

Media Release
14 May 2012
Issued by: Lacea Loader
Director: Strategic Communication
Tel: +27(0)51 401 2584
Cell: +27(0)83 645 2454
E-mail: news@ufs.ac.za

 

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