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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

New residences officially open
2013-03-06

 
Celebrating the official opening of the two new residences, were Vusumzi Mesatywa, Prime of House Outeniqua and Sherilyn Roelofse, Prime of House ConLaurês.
Photo: Johan Roux
06 March 2013

 

  Video clip (YouTube)

The one implies dreams of victory; the name of the other means ‘bringers of honey’ in the Khoisan language.

With these unique names, two new residences, House ConLaurês and House Outeniqua, will create new memories for generations of Kovsie students. The two residences were officially opened on the Bloemfontein Campus of the University of the Free State, bringing the number of junior residences on the campus to 19.

Celebrating the new addition to residence life, Mr Quintin Koetaan, Director: Housing and Residence Affairs, told residents of House ConLaurês and House Outeniqua that they were part of history. He told guests that the residences will provide accommodation for a new generation of students and encouraged residents to breathe life into their respective abodes.

“Nobody thought that two residences could be built in a year,” he said about the short time between the planning and opening of the residences in January this year. The two residences welcomed 250 students each, with male and female students living under one roof, but in separate units.

Prof Jonathan Jansen, Vice-Chancellor and Rector, praised Koetaan and his team, as well as the developers, saying they have done something completely different on the campus. He said the two residences will create a place which students can call home. “It will create a place not just to eat and sleep, but also to learn. It will create memories for many years to come.”

Mr Rudi Buys, Dean: Student Affairs, said House ConLaurês and House Outeniqua is much more than simply residences. “It’s about the university putting its heart out there, showing what can be done.” He told guests that representatives from other universities and the Department of Higher Education and Training have visited the UFS to see what is being done here.

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