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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. 

News Archive

International conference on breaking cycles of the past in societies affected by historical trauma
2012-12-06

 
28 November 2012

An interdisciplinary group of scholars, experts and practitioners from 24 countries around the world will gather at the University of the Free State (UFS) in Bloemfontein from 5 - 8 December 2012 for a conference on “Engaging the Other: Breaking Intergenerational Cycles of Repetition.”

The conference intends to open new avenues of inquiry into the trans-generational effects of trauma on communities that have experienced extreme violence.

One of the highlights of the conference is a presentation by Marguerite Barankitse, a survivor of the Rwandan genocide, on Thursday 6 December 2012. Marguerite has received several awards and distinctions for her work aimed at transforming the lives of Hutu and Tutsi children affected by war. Among these are the highly prestigious humanitarian prize, the Opus Prize, the UNESCO Prize, and the World's Children's Prize, also known as the ‘Nobel Prize’ for humanitarian work aimed at improving the lives of children and their chances of a better future.

On Saturday 8 December 2012 Prof. Martha Nussbaum, one of the world’s foremost philosophers, will deliver a keynote address on “Reconciliation: The political role of the Arts.” Prof. Nussbaum will receive a D.Litt. degree in the Faculty of Humanities from the UFS on 6 December 2012.

Other guests include Michael Lapsley, survivor of an apartheid bombing, Kimberlyn Leary, Associate Professor at Harvard Medical School, Dr Jean Decety, Irving B. Harris Professor at the University of Chicago and Dr Katerina Fotopoulou from the Institute of Cognitive Neuroscience at the University College in London.

One of the conference events entitled “South Africans speak about the crisis of moral leadership: A public dialogue” will be open to the public and presented in the Centenary Complex on Friday 7 December 2012 from 18:00-19:30. Participants in the public dialogue include some of South Africa’s most thoughtful social commentators and a community activist: Barney Pityana (Professor and Rector, College of Transfiguration); Prince Mashele (Director: Centre for Politics and Research); Pierre de Vos (Professor of Law, University of Cape Town); and Faeza Meyer (Chairperson: Tafelsig Residents Unite).

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