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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

Vice-Chancellor honoured with major awards
2013-05-02

02 May 2013

The University of the Free State (UFS) is proud to announce that Prof Jonathan Jansen, Vice-Chancellor and Rector, has been awarded a number of major awards recently.

The University of California in the United States awarded him the Alice and Clifford Spendlove Prize in Social Justice, Diplomacy and Tolerance. The award is made in recognition of persons who exemplify in their work the delivery of social justice, diplomacy and tolerance in the diverse local and global society.

“The committee was very impressed with the commitment that Prof Jansen has had to reconciliation and forgiveness as a way to build bridges and to find common ground. Prof Jansen is following in the steps of many of our greatest peace-time leaders and we support his efforts to bring understanding to all cultures,” said Mark Aldenderfer, chair of the awards committee and Dean of the School of Social Sciences, Humanities and Art at the University of California.

Prof Jansen also received the 2013 Academia Award at the Sixth Annual Ubuntu Lecture and Dialogue Awards Ceremony of the Turquoise Harmony Institute on 4 April 2013 in Johannesburg. The Institute aims to foster relations among different faith and cultural traditions to contribute to the well-being of humanity.

According to the organisers, “outstanding individuals who made noteworthy contributions to dialogue, peace and harmony in the society,” are given recognition during the ceremony. The awards are made in a number of different categories. Prof Jansen was among the recipients who included Graca Machel and the South African National Editors Forum (SANEF). Previous winners of Turquoise Awards include Ahmed Kathrada, Chester Williams, Dr Frene Ginwala and Prof Russel Botman.

On 10 May 2013, Prof Jansen was also honoured by Kappa Delta Pi International Honour Society in Education. He was awarded membership of the Laureate Chapter of the society founded in 1911 which “is comprised of men and women who have made distinguished contributions to education, and is limited to 60 living persons”. Prof Jansen joins an exclusive membership of 293 which includes such luminaries as Albert Einstein, Eleanor Roosevelt, Jean Piaget and George Washington Carver.

Also in the United States, Prof Jansen has been invited to be Messenger Lecturer for Fall 2013 at Cornell University. He will give three lectures and interact with the students and staff of Cornell at various functions.

“This is a significant honour and it will really allow members from across the university to get a deeper appreciation of the work you are doing at UFS and in South Africa more broadly,” said Prof Judith Byfield of Cornell’s Department of History and Director of Graduate Studies at the department’s Africana Studies and Research Centre.

On the local front, City Press published its inaugural 100 World Class South Africans on 28 April 2013. During a rigorous selection process, 100 of our country’s most extraordinary citizens who have achieved world-class status were chosen. Prof Jansen’s achievements procured him a place on this prestigious list in the category: Heroes and Mavericks.

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