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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

ABSA sponsors Sports Weekend at the UFS Qwaqwa Campus
2004-09-23

Mr Banny Macholo Retail Banking Services Manager: ABSA (Student Bureau Bloemfontein) , Mr D T Zoko Sports Officer (UFS Qwaqwa Campus), Ms P Rabotapi Social Worker (UFS Qwaqwa Campus) and Mr Timmy Mohlakoana Retail Banking Services Manager : ABSA (Qwaqwa Branch)

In spite of the gale force winds and dust on the weekend of the 17th September, the University sporting clubs braved it in a sports gala at the Qwaqwa Campus of the University of the Free State. The sporting codes comprised soccer, netball, basketball aerobics, chess, volleyball, dance, athletics and body–building.

ABSA Bank donated R15 000.00 to facilitate the event, which began with indoor activities on Friday 17th and continued through Saturday with field sports and more indoor contests.

On behalf of ABSA, Mr Banny Macholo RBS Manager Student Bureau Bloemfontein and Mr Timmy Mohlakoana RBS Manager Phuthaditjhaba, attended the sports day. They said that the relationship that has been developed between ABSA and the UFS Qwaqwa Campus during this event, has been very profound and helpful to our immediate community, which is very rural and poor and from which most of the students are drawn They also assured the organisers that ABSA would seriously consider making it a yearly event.

Media release

Contributed by Ms Jabu Dakile

Senior Liaison Practitioner

UFS Qwaqwa Campus

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