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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

Judge Ian van der Merwe unanimously re-elected as Chairperson of the UFS Council
2012-11-29

 
Judge Ian van der Merwe
Photo: Rian Horn
29 November 2012

The Council of the University of the Free State (UFS) unanimously re-elected Judge Ian van der Merwe as its Chairperson for the next three years at its last meeting for this year on Friday, 16 November 2012.

Judge Van der Merwe is a Judge of the Free State High Court. He is an alumnus of the UFS and has been a member of the Council since 9 March 2007.

In accepting his appointment, Judge Van der Merwe said that he was honoured and humbled to lead a Council of this calibre for a second term. “The Council is setting a good example of what good governance at a higher education institution should look like. Meetings are conducted in good spirit and decisions made in the best interest of the university,” he said.

“Having sat on councils of many universities before, I can say with great surety that, on balance of expertise and backgrounds, the UFS has one of the most effective councils in the country and, to have a Chairperson of Judge Van der Merwe’s stature, is a privilege. His leadership and guidance is greatly appreciated,” said Prof. Jonathan Jansen, Vice-Chancellor and Rector.

Mr Edward Kieswetter, Group CEO and Executive Director of Alexander Forbes and Deputy Chairperson of the UFS Council, and Mr Jonathan Crowther (former editor of Volksblad) have been re-elected for a further term of four years in the category: "Appointed by the Council".

External Council members were given a tour of the Bloemfontein Campus after the meeting, followed by an induction session for new council members.

New Council members who joined this year are: 

Derek Foster, in the category appointed by the Council
Ruben Gouws, elected by the non-academic staff
Lorraine Kriek, elected by the Alumni
Themba Mmabi, representative of the Minister of Higher
Education and Training
Sabelo Khumalo, SRC President, Qwaqwa Campus
William Clayton, SRC President, Bloemfontein Campus
Suraya Jawodeen, representative of the Minister of Higher
Education and Training
Mr Dan Mosia, representative of the Minister of Higher Education and Training
 

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