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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

UFS to act as agent for Cipal in Southern Africa
2006-03-12

The University of the Free State signed an agreement with Cipal, a Belgium software development company, to act as agent for Cipal in Southern Africa.

The university already utilises the Parnassus software from Cipal under licence since 2004 for among others meetings, compiling the annual report to the Minister of Education and compiling the UFS annual institutional calendar. Four faculties at the UFS also use Cipal products.  The university will market this initiative to other universities as an entrepreneurial project to generate income for the UFS.

At the signing of an agreement were from the left (standing) Prof Sakkie Steyn (Registrar: General at the UFS, Prof Frederick Fourie ( Rector and Vice-Chancellor of the UFS), Mr Leo Stevens (Chairperson of the Cipal Management Council and Board) and Mr Arthur Phillips (Director-General and Chief Executive Officer of Cipal).
Photo:  Leonie Bolleurs

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