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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

UFS mourns passing away of pioneer
2005-09-30

Prof Dudley Vermaak (76), founder and former director of the University of the Free State’s (UFS) Research Institute for Education Planning (RIEP), passed away on Friday 23 September 2005 in George as a result of a stroke.  

Prof Vermaak was associated with the UFS for about 23 years.  A Centenary Medal was awarded to him in October 2004 by the UFS for his pioneering work in transformation through his initiatives, during the apartheid era, to empower education officials, teachers and postgraduate students from disadvantaged communities in South Africa. 

He did pioneering work in the eighties with the training of black teachers, especially senior officials and managers in black education, and with the research and training on the improvement of education in the black community.  

“Prof Vermaak was a visionary person who understood the changing South African context in the eighties and started at an early stage with work to improve black schools and the training of black leaders in the education sector.  He was a true pioneer at the UFS.  We are thankful that we could honour him for this with a Centenary Medal last year,” said Prof Frederick Fourie, Rector and Vice-Chancellor of the UFS.

RIEP originally started off as the Research Unit for Education Planning in 1974 under the guidance of Prof Vermaak.  During the apartheid years the institute was intensely involved with research about education in the former homelands.  It was also the only organisation that could provide complete education statistics, which was necessary for planning, about the former homelands. 

RIEP was also involved with service delivery to the so-called independent and self-governing states regarding training in management and planning and support.  Several education officials from these areas undertook their M Ed and D Ed studies with the help of RIEP.  Some post-1994 education and political leaders include e.g. Lionel Mtshali, premier of KwaZulu-Natal in 1999-2004. 

Prof Vermaak was cremated in George.  A memorial service will be held at 10:00 on Saturday 1 October 2005 at the Berg-en-Dal Dutch Reformed Church in Dan Pienaar.  Prof Vermaak is survived by his wife, Marietjie, four children and grandchildren.  He lived in Kiepersol Retirement Village in Bloemfontein for the past six years. 

Media release
Issued by:  Lacea Loader
   Media Representative
   Tel:  (051) 401-2584
   Cell:  083 645 2454
   E-mail:  loaderl.stg@mail.uovs.ac.za
29 September 2005
 

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