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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 works closely with employees in the post-Reitz settlement process
2013-05-20

20 May 2013

In the light of an article in IOL News on 18 and 19 May 2013 and in Sunday Independent and Sunday Tribune on 19 May 2013 in which it is alleged that the University of the Free State (UFS) has failed to honour its commitment to the five Reitz employees we are pleased to report on the ongoing process and progress made with respect to their employment.

The university remained consistently true to the settlement agreement and High Court order of 2011 and cannot apologise for complying with the law. It was therefore impossible for us to talk to our colleagues directly until last week when we had a breakthrough meeting, which was cleared by the Human Rights Commission (HRC), and matters were resolved.

The UFS continues to work closely and now directly with the five employees to ensure that their rights as employees remain the highest priority in the post-settlement process.
 
All but one of the conditions of the Reitz settlement (own business) has already been met; however, we are in the process of providing training and support for the establishment of an independent business led by the employees.

After some delays, and frustration on all sides, we have found the right training provider for them and are satisfied that the process remains on track. The business office (furnished) has been allocated at the South Campus in Bloemfontein.

Already in late 2012 the Chair of the HRC expressed his satisfaction with the commitments made by the university to the process. By 30 June 2013 this outstanding commitment to establish an independent company with trained employees would also have been met in full.

Beyond the settlement agreement, the UFS has also committed to providing free education and training to the children of the employees so that their next generation of families emerge as strong, independent, well-trained and productive members of society. The child of one of the colleagues is in fact finishing Grade 12 this year and we are in discussion about possible studies at the UFS. This is our pledge and commitment as a university.

This final step in the post-Reitz settlement is being led by Dr Choice Makhetha, Vice-Rector of the University of the Free State.

 

Issued by: Lacea Loader
Director Strategic Communication
Tel: +27 (0) 51 401 2584 / +27 (0) 83 645 2454
E-mail: news@ufs.ac.za
Fax: +27 (0) 51 444 6393
Web: www.ufs.ac.za

 

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