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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

Student leaders' hard work rewarded
2013-05-01

Four student leaders on our Bloemfontein and Qwaqwa Campuses each received a scholarship of R15 000. Handré Hay, Estine Cronje, Tsepang Lenka and Jean Vermaas were rewarded for the positive impact they had on the student community in the past three years or more. Student Affairs' scholarship programme acknowledges the contribution of student leaders in the upliftment of the student community.

Read what the four have to say about leadership:

Handré Hay:

Handré Hay, a third-year BSc Physiotherapy student who holds several leadership positions on our Bloemfontein Campus, served for two consecutive years on the committee of Armentum residence. He was also a member of the executive council in the Students' Representative Council (SRC) and served in two SRC portfolios. "Leadership is about being able to serve. When people see that you are willing to put other people's interests above your own and that you are willing to serve unselfishly, despite a position of authority, you will get far," said Handré.

Estine Cronje:

Estine Cronje is the current prime of Marjolein residence. This was the second time the fifth-year Psychology student were re-elected to this position."Leadership is very important to me. One needs leaders in everything you do. I believe a leader should never think herself better than the rest and should work as hard as her team. She should command respect, be disciplined, an example to others, accessible and open to the opinions of other people.

Tsepang Lenka:

Tsepang Lenka is the SRC President of our Qwaqwa Campus. Tsepang, who was twice elected as prime of his residence, has already obtained his BA degree in Public and Business Management. He is currently working on his Postgraduate Certificate in Education (PGCE). "To me leadership means to serve. As a leader you don't lie to people when things are taking the wrong direction, you stand firm and tell the truth; in that way, people don't lose trust in you. The scholarship inspires me to work even harder," Tsepang said.

Jean Vermaas:

Jean Vermaas is a former SRC member who is currently studying for his LLB degree. Some of Jean's achievements include leadership positions of the Juridical Society and the Broad Students' Transformation Forum. In 2012 he was a founder member of the Student Elders' Council."Leadership is of extreme importance to me. It formed me into the person I am now. Leadership isn't always easy, but in the challenges you face you grow as a leader and as an individual."

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