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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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UFS confers honorary doctorate on one of the world’s foremost academics
2012-11-26

Prof. Martha Nussbaum
Photo: Supplied
26 November 2012

The University of the Free State (UFS) will confer three honorary doctorates at the Summer graduation ceremony on 6 December 2012. One of the world’s foremost philosophers is among those to be honoured. Prof. Martha Nussbaum, described by The New York Times as “one of the most prominent female philosophers in America”, will be honoured with a D.Litt. degree in the Faculty of Humanities. Judge F.D.J. Brand, a former Constitutional Court judge, and Prof. Otto Walter Prozesky, one of the country’s foremost medical researchers, will also receive honorary doctorates.

Prof. Nussbaum, who has honorary doctorates from 40 colleges and universities in America, Canada, Asia and Europe, is recognised for her intellectual and public contribution to human development. She is the Ernst Freund Distinguished Service Professor of Law and Ethics at the University of Chicago and an active member of the American Philosophy Association. Prof. Nussbaum is well-known and respected as a public intellectual and is considered to be one of the most prominent philosophers in the world.

Prof. Prozesky is to be honoured for the important role that he played in the field of medical research, especially as the President of the Medical Research Council and as researcher/educator in the field of virology and HIV/Aids. He is to receive an honorary degree in Medicine in the Faculty of Health Sciences.

Judge Brand, Extraordinary Professor in Private Law in the Faculty of Law at the UFS, is to receive a Doctor Legum degree in recognition of his considerable contribution to the legal science. More than 120 of his judgments are reported in South African legal reports. A review of recent South African legal journals (over the past five years) shows that reference is made to his judgments in at least 30 articles and case discussions.

The Summer graduation ceremony will be held in the Callie Human Centre on the Bloemfontein Campus and will take place in two ceremonies. At 10:15, master’s degrees and doctorates will be awarded, and at 15:15 qualifications will be awarded in a combined graduation ceremony of the Faculty of Health Sciences and the School of Open Learning.

  • Prof. Martha Nussbaum will lead a conversation with members of the public and the campus community on 7 December 2012. On 8 December 2012, she is the main speaker at the UFS’s conference on “Engaging the Other: Empathy and Breaking Transgenerational Cycles of Repetition” on the Bloemfontein Campus.

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