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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. 

Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
Governor Lesetja Kganyago, at a public lecture he presented at the UFS.
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Governor Lesetja Kganyago
Governor Lesetja Kganyago
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Prof Phillippe Burger, Pro-Vice-Chancellor and Vice-Dean of Faculty of Economic and Management Sciences
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
Governor Lesetja Kganyago and Dr Engela van Staden, Vice-Rector:Academic
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs
From left;Prof Hendri Kroukamp, Dean of the Faculty of Economic and Management Sciences, Governor Lesetja Kganyago, and Prof Puleng LenkaBula, Vice-Rector: Institutional Change, Student Affairs

News Archive

Read a book SA encourages South Africans to read one book a month
2012-09-20

Campus Principal Dr Elias Malete on the left and Tebogo Ditshego's. With them are Betsy Eister, UFS Director: Library and Information Services and Mathene Mahanke from the Department of Sport, Arts, Culture and Recreation.
20 September 2012

'Read a book SA's" objective is to bring reading into the everyday lives of South Africans. Speaking at Writers’ Day on the Qwaqwa Campus of the University of the Free State last Thursday, Ditshego said reading was essential. “Of all the skills that anyone can ever have, reading is the most fundamental of them all. It improves one's attention, confidence and discipline, amongst others.”

Ditshego asked why South Africa is presently faced with a 25,2% unemployment rate compared to Germany's 6-8%, despite South Africa having more and better natural resources. The answer, according to him, rests with lack of knowledge and critical skills in South Africans.

“Out of 144 countries, South Africa is ranked 133th in as far as the delivery of quality education is concerned. The reason for this is that South Africans lack knowledge, as they do not read enough. Most South Africans read for information, which is different from knowledge,” Ditshego argued.

In his welcoming remarks, Campus Principal Dr Elias Malete challenged authors to continue reminding society of their responsibilities.

“It is also your duty and responsibility to teach diplomacy lessons, to teach about effective leadership that is accountable, fair and transparent,” said Dr Malete.

Amongst the established authors who shared their wisdom with budding writers was Dr KPD Maphalla, a Sesotho literature guru and custodian of Sesotho language and culture. UFS students and learners from Sekgutlong and Tiisetsang secondary schools had the opportunity to showcase their writing skills. They also received expert advice on manuscript development and publishing from Mathene Mahanke from the Free State's Department of Sport, Arts, Culture and Recreation.

The annual Writers' Day is a joint venture of the Campus Principal and the Library and Information Services (LIS).

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