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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 unveils portrait of Ms Winkie Direko
2005-11-28

During the unveiling ceremony were from the left Prof Frederick Fourie (Rector and Vice-Chancellor of the UFS), Mrs Direko, Judge Faan Hancke (Chairperson of the UFS Council) and Dr Charles Nwaila (Director-General of the Free State Provincial Government and Vice-Chairperson of the UFS Council). The blue background of the portrait depicts Ms Direko's philosophy of "the sky is the limit".  She also wore the same outfit as what she has on in the portrait. Photo:  Stephen Collett

UFS unveils portrait of Ms Winkie Direko  
A portrait of Ms Winkie Direko, former Chancellor of the University of the Free State (UFS) and Premier of the Free State Province and currently a Member of Parliament, was unveiled today during the last session of the UFS Council for this year on the Main Campus in Bloemfontein.

The portrait, painted by the gifted artist Ms Reshada Crouse, now hangs in the Council Chambers of the UFS.

Ms Direko was sworn in as Chancellor of the UFS in August 1999.  She was the first black person and first woman in this position at the UFS. She was succeeded by Dr Franklin Sonn.

“Ms Direko had an exceptional legitimacy in the black community because of her role in black education in the Free State (as principal) and community leader in the difficult ‘struggle’ period.  This former principal’s simultaneous insistence on transformation as well as discipline and order at an educational institution was exactly what the UFS needed at that stage,” said Prof Frederick Fourie, Rector and Vice-Chancellor, during the unveiling ceremony.

“She also played a special role to bring the UFS and the Free State Provincial Government closer to each other.  Her comprehension for the own nature of a university helped in times when difficult decisions had to be made.  She also realised the value of the university’s expertise for her government.  The Premier’s Economic Advisory Council, with the UFS rector and academics like Lucius Botes and James Moses in leading roles, was formed to undertake important research on economic development strategies in the Free State,” said Prof Fourie.

In her speech Ms Direko said that it is an unique experience for her to be catalogued in the history of the UFS.  “I am humbled and proud to be associated with the UFS,” she said.

Ms Direko said that the UFS is on the right track with its transformation process.  “I will continue to convince people that the UFS is for everyone and will fight for that until the end.  But, it is important to see a visible change concerning transformation.  The UFS must bring its side and speed up the transformation process.  I know that it is a difficult road, but we cannot hide from the realities of our time,” she said.
 

Media release
Issued by: Lacea Loader
Media Representative
Tel:  (051) 401-2584
Cell:  083 645 2454
E-mail:  loaderl.stg@mail.uovs.ac.za
25 November 2005

 

 

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