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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
2012-05-31

 

Attending the lecture were, from left: Dr Choice Makhetha, Vice-Rector: External Relations; Prof Kwandiwe Kondlo, Director of the Centre for Africa Studies;Prof. Ngugi wa Thiong'o; Prof Lucius Botes, Dean of the Faculty of the Humanities, and Prof Andre Keet, Director of the Institute for Reconciliation and Social Justice..
Photo: Stephen Collett
25 May 2012

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Lecture: THE BLACKNESS OF BLACK: Africa in the World Today

Audio of the lecture

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

“Flowers are all different, yet no flower claims to be more of a flower than the other.” With these words Kenyan writer and one of the continent's most celebrated authors, Prof. Ngugi wa Thiong’o, delivered the tenth annual Africa Day Memorial lecture on 25 May 2012 in the University of the Free State's (UFS) Odeion Theatre on the Bloemfontein Campus. The lecture was hosted by the Centre for Africa Studies.

Long before Prof. wa Thiong’o was led inside the venue by a praise singer, chairs were filled and people were shown to an adjoining room to follow the lecture. Others, some on the university's Qwaqwa Campus, followed via live streaming.

In his speech titled the Blackness of Black: Africa in the world today, Prof. wa Thiong’o looked at the standing of Africa in the world today. He highlighted the plight of those of African descent who are judged “based on a negative profile of blackness”.

Prof. wa Thiong’o recalled a humiliating experience at a hotel in San Francisco in the United States, where a staff member questioned him being a guest of the hotel. He shared a similar experience in New Jersey, where he and his wife were thought to be recipients of welfare cheques. He said this was far deeper than overt racism.

“The certainty is based on a negative profile of blackness taken so much for granted as normal that it no longer creates a doubt.”

Prof. wa Thiong’o said the self certainty that black is negative is not confined to white perception of black only.

“The biggest sin, then, is not that certain groups of white people, and even the West as a whole, may have a negative view of blackness embedded in their psyche, the real sin is that the black bourgeoisie in Africa and the world should contribute to that negativity and even embrace it by becoming participants or shareholders in a multibillion industry built on black negativity.”

“Africa has to review the roots of the current imbalance of power: it started in the colonisation of the body. Africa has to reclaim the black body with all its blackness as the starting point in our plunge into and negotiations with the world.”

Prof. wa Thiong’o concluded by saying that Africa must rediscover and reconnect with Kwame Nkrumah’s dreams of a politically and economically united Africa.

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