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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

Breyten Breytenbach shares his words and philosophies
2013-03-05

 

Breyten Breytenbach
Photo: Johan Roux
02 March 2013

The Department of Philosophy at the University of the Free State (UFS) recently hosted Breyten Breytenbach as part of its Colloquium series.

In a packed Odeion theatre, Breytenbach shared his words and views relating to poetry and philosophy. The session was chaired by Prof Pieter Duvenhage from the Department of Philosophy, who noted the symbiotic relationship which exists between the two seemingly distinct disciplines.

Breytenbach is one of South Africa’s best-known literary sons, gaining worldwide recognition for his writings and poetry, as well as his political activism against the erstwhile Apartheid regime. He left the country in 1960 due to Apartheid and settled in Paris where his first collection of poetry was published in 1964. It was the beginning of a prizewinning literary career spanning multiple languages and decades.

He returned illegally in 1975 in order to agitate against the repressive National Party government, but was arrested, spending seven years in prison after being charged with terrorism.

The audience was treated to a reading from an unpublished work from Breytenbach, A letter to my daughter. The lengthy letter outlined Breytenbach's world views, his sense of the creative process, his philosophies and his takes on current and historical events.

A large part of the letter focused on the philosophical and emotional processes involved in writing.“Writing is the travelling of its own landscape; landscapes and rooms that may always have been there,” he said.

He noted that it’s not always an easy process, and that sometimes writers need to explore the abysses, which can be unnerving.

“In this regard it is important to know that emptiness exists,” he said.

He stressed his concern over some of the problems the country currently faces, especially the abuse of state institutions. He was especially worried about the abuse of power. He warned that “power has its own predatory identity,” often abused and misused by those who wield it.

Despite his misgivings, Breytenbach still retains his optimism for the country and its people. He remarked that the country and its many diverse cultures resembles a “fantastic patchwork blanket,” one that should be cherished and protected.

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