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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

Researcher shares platform with Nobel Laureate at conference on nanomedicine
2013-01-10

Prof. Lodewyk Kock at the Everest viewpoint with Mount Everest behind him.
10 January 2013

Profs. Lodewyk Kock and Robert Bragg from the Department of Microbial, Biochemical and Food Biotechnology at the University of the Free State (UFS) both presented lectures at the first International Conference on Infectious Diseases and Nanomedicine that was held in Kathmandu, Nepal, late last year.

At the conference, also attended by senior representatives from the International Union of Microbiological Societies (IUMS), Prof. Kock delivered one of the two opening lectures, titled: Introducing New Nanotechnologies to Infectious Diseases (the other opening lecture was presented by Nobel Laureate, Prof. Barry J. Marshal). Prof. Kock also participated in the farewell address.

In two excellent lectures, Prof. Bragg spoke on Bacteriophages as potential treatment option of antibiotic-resistant bacteria, and on Bacterial resistance to quaternary ammonium compounds.

For Prof. Kock this very first conference on infectious diseases and nanomedicine was followed by a very exciting yeast research excursion through the Mount Everest Highway which winds through the villages of the Sherpa tribe.

He describes his journey: “The Mount Everest Highway is a rough road stretching through hills and glacial moraines of unfamiliar altitudes and cold temperatures. Throughout the journey I had to take care of not contracting altitude sickness which causes severe headaches and dizziness.

“The only way of transport is on foot, on long-haired cattle called Yaks, donkeys and by helicopter. After flying by plane from Kathmandu (the capital of Nepal), I landed at Lukla, regarded as the most dangerous airport in the world due to its short elevated runway and mountainous surroundings. From Lukla, the land of the Sherpa, I walked (trekked) with my Sherpa guide and porter (carrier) along the Everest Highway surrounded by various Buddhist Mani scripture stands, other Buddhist representations and many spectacular snow-tipped mountains of more than 6 000 m above sea level. Of these, the majestic mountain called Ama Dablam (6 812 m), the grand 8 516 m high peak of Lhotse and to its left the renowned Mount Everest at 8 848 m in height, caught my attention.

“Dwarfed by these mountain peaks on the horizon, I passed various villages until I eventually reached the beautiful village called Namche Bazar, the heart of the Khumbu region and hometown of the Sherpa. This took three days of up to six hours walking per day, while I spent the nights at the villages of Phakding and Monjo. From there I walked along the Dudh Kosi River which stretches towards Mount Everest, until I reached the high altitude Everest viewpoint – the end of my journey, after which I trekked back to Lukla to return to Kathmandu and South Africa.

“This expedition is the first exploration to determine the presence of yeasts in the Everest region. Results from this excursion will be used in collaborative projects with local universities in Nepal that are interested in yeast research.”

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