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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

Students excel at National Championships for the Physically Disabled
2013-04-07

 

South African record-holder Danie Breitenbach (left) running with his guide at the 2013 Nedbank National Championships for the Physically Disabled.
Photo: Hetsie Veitch
10 April 2013

Six gold, one silver and two bronze medals. That is the number of medals students of the University of the Free State won at the 2013 Nedbank National Championships for the Physically Disabled, held in Pretoria. 

Louzanne Coetzee, Danie Breitenbach, Juanré Jenkinson and Diederich Kleynhans held the Kovsie flag high, winning medals in track and field events. Louzanne and Danie, both visually-impaired students, each won three gold medals, with Danie setting two new South African track records. Danie, who took part in the T11/F11 sports class for visually-impaired, totally blind athletes, set records in the 800 and 1 500 metre track events. This first-year BA student, who runs with a guide and has to wear a blindfold when running, also won a gold medal in the 400-metre track event. 
 
Louzanne also took part in the T11/F11 sports class and won gold medals in the 800-, 1 500- and 5 000-metre events. With her winning time of 2 minutes and 53,8 seconds in the 800 metres, Louzanne, a second-year BA Corporate and Marketing Communication student, reached the qualifying standard for international participation. She may be considered for a national team that will compete internationally. 
 
Diederich and Juanré took part in the F37 and F38 sports class for physically-impaired athletes and won medals in the field events. Juanré, a fourth-year Education student, and Diederich, a master’s degree Theology student, won bronze and silver medals in shotput. Diederich also won a bronze medal in discus. 
 
Also taking part in the national championships, were Sidwell Monyane, a final-year B Public Management (Human Resource Management) student. Sidwell was part of the Free State Boccia team. Boccia is a target-ball sport for athletes with disabilities, which has a major impact on motor skills.

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