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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

Elzmarie honoured internationally for economics education
2012-10-13

Elzmarie Oosthuizen (middle) with Prof. John Brock of Colorado University in Colorado Springs and Prof. Claudia Parliament of Minnesota University.
12 October 2012

An exceptional honour has been bestowed on Elzmarie Oosthuizen of the Faculty of Natural and Agricultural Sciences with the awarding of the Patricia K. Elder International Award to her in America at the beginning of October 2012.

The award is made by the National Association of Economics Educators and the Council for Economics Education (CEE). It gives recognition to individuals whose outstanding and committed service makes a meaningful impact on the delivery of economics education worldwide. The award was made to her at the 51th annual Financial Literacy and Economics Education Conference in Kansas City, Missouri.

Elzmarie is Manager: Teaching and Learning in the Faculty. She was originally appointed to manage various projects to better prepare students for what is expected of them.  She teaches in the extended programme and achieved success with bridging mathematics and the changing methodologies that she uses.

She plays an active role in international economics education programming. Elzmarie was an essential element in the development of CEE’s programmes in South Africa and has now moved to expand economics education programmes to Namibia, Lesotho and Botswana. 

She successfully participated in the CEE’s Train the Writers programme and lobbied the CEE to provide a mentoring programme that would prepare participants to offer a training of writers programme within their own country. This year, she presented the first writers programme for South African teachers.

Claudia Parliament, Director of the Minnesota Council on Economics Education, said in her recommendation for the award:  “Elzmarie is a change agent.  She has boundless energy.  Few can keep up with her work pace.  She has put economics education on the map in South Africa and she is poised to have a similar impact in other countries in southern Africa.”

Elzmarie says: “I feel very honoured to have received this award.” Since 2004, she has worked very hard and trained some 800 teachers. In 2011, some 200 000 children were reached through the training.

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