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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

“We require minds such as yours”
2013-04-19

 

Gareth Cliff addressed graduates during the UFS Autumn Graduation Ceremony.
Photo: Lelanie de Wet
18 April 2013

Well-known radio personality and Idols South Africa judge, Gareth Cliff addressed graduates on the third day of the University of the Free State (UFS) Autumn Graduation Ceremony.

“It’s a good time be alive, a good time to be a South African, a good time to be a qualified South African,” Gareth said during the graduation ceremony of the Faculty of Natural and Agricultural Sciences.

He emphasised the importance of skills in science in South Africa nowadays. “The only way we can advance is through an education of our minds, through technology, through science, through maths. It’s a time in our country’s development that we require minds such as yours to propel us forward.”

Gareth also underlined the freedom of speech in South Africa, especially in the light of media freedom. “It is something I feel strongly about, something this generation takes for granted.”

Dr Khotso Mokhele, Chancellor of the university, reinforced Gareth’s message and said that graduates need to be able to take standpoint against issues.

Learners from schools in Thaba Nchu and Botshabelo also had the opportunity to attend the ceremony.

The Autumn Graduation Ceremony takes place until Friday 19 April 2013. Attached is the programme for this ceremony.

Friday 19 April 2013

09:30 Diplomas and certificates up to and including honours degrees in the Faculty of Economic and Management Sciences: all diplomas and degrees in the Faculty, except BCom and BComHons.
14:30 Diplomas and certificates up to and including honours degrees in the Faculty of Economic and Management Sciences: only BCom and BComHons.

The Qwaqwa Campus’ graduation ceremony will take place on 8 June 2013. Diplomas / certificates up to and including doctorates will be awarded at this ceremony.

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