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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

Prof. André Keet appointed to Ministerial Oversight Committee on Higher Education
2013-01-15

 

Prof. André Keet
Photo: Anja Aucamp
24 January 2013



Prof. André Keet, Director of the Institute for Reconciliation and Social Justice at the university, has been appointed as member of the Oversight Committee on the Transformation of South African Universities. He is one of seven committee members that were appointed by the Ministry of Higher Education and Training to monitor progress on transformation in public universities.

The committee will advise Dr Blade Nzimande, Minister of Higher Education and Training, on policy to combat racism, sexism and other forms of unfair discrimination in public higher education. The committee will also advise on the role of universities in promoting the development of a free, fair and non-discriminatory society beyond the world of the academia.

The senior leadership of the university has welcomed the appointment of Prof. Keet and said with his extensive experience as a former Commissioner on the Commission for Gender Equality and as the Director of the university's Institute for Reconciliation and Social Justice (which was formed as one of several initiatives taken by the senior leadership in the aftermath of the Reitz incident), Prof. Keet will be a valuable member of the committee.

"Prof. Keet has the experience and expertise to guard the autonomy and academic freedom of universities, thus avoiding this committee from becoming a political intervention in the affairs of the higher education sector," said Prof. Jonathan Jansen, Vice-Chancellor and Rector of the university.

Honoured to be elected on the committee, Prof. Keet said he is ready to serve the national interest in the transformation of South African universities. "The appointment is also a compliment to the university and to its exceptional experience in the process of transformation."

Prof. Keet will serve on the committee for a period of three years. The other members of the committee are Prof. Malegapuru Makgoba, who will serve as chairperson, Dr Mvuyo Tom, Ms Nazeema Mohamed, Ms Zingiswa Losi, Mr Joe Mpisi and Prof. Shirley Walters.

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